Gate News reports that on March 25, Federal Reserve Board Member Michael Barr stated that policymakers may need to keep interest rates steady “for a period of time” to address inflation pressures that are significantly above the central bank’s 2% target. Barr expressed support for the Fed’s decision last week to hold the benchmark policy rate unchanged for the second consecutive time. Officials noted that economic uncertainty has increased due to the war in Iran, and they have raised their inflation outlook for this year. Since the start of the Middle East conflict, oil prices have risen sharply, posing risks of pushing up inflation and dampening economic growth. Barr said that the Middle East situation presents “additional risks.” He pointed out that high oil prices often quickly translate into higher gasoline prices, which is especially painful for low- and middle-income families.
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