US Fed Top Official Says Interest Rates "At Or Near" Peak

The US central bank has raised interest rates 11 times since March 2022 in a bid to tame inflation and bring it firmly down to its long-term target of two percent.

US interest rates are rapidly approaching their highest level in the Federal Reserve's current battle against inflation, and may already be there, a senior Fed official said Friday.

The US central bank has raised interest rates 11 times since March 2022 in a bid to tame inflation and bring it firmly down to its long-term target of two percent.

Although inflation has come down sharply in the last 12 months, it remains stuck stubbornly above the Fed's target, even increasing slightly over the summer, which has kept up the pressure.