Inflation in the United States is 'very stubborn' and the Federal Reserve should 'stay the course' and tighten monetary policy or else lose credibility, said Gita Gopinath, the International Monetary Fund's first deputy managing director.
Economic Counsellor and Director of the Research Department at the International Monetary Fund Gita Gopinath speaks during an interview with Reuters in the Alpine resort of Davos, Switzerland May 23, 2022. REUTERS/Arnd Wiegmann
The Fed has raised interest rates faster this year than any time since the early 1980s, when inflation was even higher and so entrenched in day-to-day American life that it took pushing short-term borrowing costs - and the unemployment rate - into double digits before price pressures finally receded.
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