Louisiana Republican senator John Kennedy recently stated in an interview published on Wednesday that the U.S. Federal Reserve may need to increase the federal funds rate to 8-10% to address the country’s inflationary pressures. Kennedy’s remarks come after he criticized the Biden administration in mid-March for bailing out Silicon Valley Bank and Signature Bank, emphasizing that the decision to make all depositors whole “was a bail out,” regardless of what it was called.
Senator John Kennedy: ‘Powell’s Gonna Have to Raise Rates Much Higher Than He Normally’
During a recent interview with CNBC, Louisiana Republican senator John Kennedy expressed his belief that the U.S. central bank will need to increase the benchmark bank rate from its current level of 5% to around 8-10% to combat inflation. Kennedy went on to state that Federal Reserve chairman Jerome Powell will have to raise rates much higher than usual if Congress does not slow down its stimulus spending.
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