US Fed closing in on end of rate hiking cycle

Firm stand: Daly and David Wessel, director of the Hutchins Centre, at an event in Washington. She says she fully supported June’s policy decision, along with a go-slower approach that allows for more “extreme” data-dependence. — Bloomberg

NEW YORK: The US Federal Reserve (Fed) will likely need to raise interest rates further to bring down inflation that is still too high, but the end to its current monetary policy tightening cycle is getting close, several US central bank officials say.

The Fed has raised interest rates by five percentage points since March 2022 to bring down the highest US inflation in four decades.