Fed is done with hikes, but rates to stay high ‘for a long time’

“I think the Fed is close to having pulled this off. I think they’re done,” Demchak said. — Bloomberg

NEW YORK: The Federal Reserve (Fed) has finished raising interest rates, but they will remain high for a while amid “sticky” inflation, according to PNC Financial Services Group Inc’s top banker.

“I think the Fed is close to having pulled this off. I think they’re done,” chief executive officer (CEO) William Demchak said Tuesday during the Goldman Sachs Financial Services Conference in New York.