Fed Governor Cook says she's ready to act on rate hike
Federal Reserve Governor Lisa Cook said she is prepared to support an interest rate increase if inflation pressures persist. Cook was part of a 9-3 majority that voted last week to hold the central bank's benchmark rate in a range of 3.5% to 3.75%. Her remarks signal a possible shift in the Fed's stance.
Federal Reserve Governor Lisa Cook said Wednesday that she is prepared to act on raising interest rates if inflation does not continue to ease. Her comments come after the Fed's policy committee voted 9-3 last week to hold the benchmark rate steady in a range of 3.5% to 3.75%.
Cook's remarks are notable because she has generally been seen as one of the more dovish voices on the Federal Open Market Committee. Her willingness to consider a hike suggests policymakers remain divided over how much progress has been made against inflation, even as the labor market shows signs of cooling.
Investors will now watch upcoming inflation data and speeches from other Fed officials for further clues on the central bank's next move. Markets currently expect the Fed to hold rates steady at its next meeting, but a shift in tone from officials like Cook could reprice those expectations quickly.
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