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The Federal Reserve Bank of St. Louis President Brad said Wednesday that the Fed should suspend further interest rate hikes because monetary policy positions are neutral or already restrictive.
Brad has repeatedly warned of the Fed's plans to keep its benchmark interest rates rising, pointing out that signals from financial markets are the best indicator for policymakers to refer to.
"In the current macroeconomic environment, U.S. monetary policy makers should pay more attention to financial market signals than usual," Brad said in a speech prepared for a financial market conference in New York. "If handled properly, information in the financial market can lay the foundation for a forward-looking monetary policy strategy."
These signals, including the U.S. Treasury yield curve, suggest that investors expect economic growth to slow down after this year, with no future inflation risk.
Before the recession in recent years in the United States, almost all the yield curve hang ups. Brad predicted that the yield curve would hang upside down at the end of this year or next year.
But Brad's colleagues seem to continue to support higher borrowing costs, partly because lower unemployment and stronger economic growth should stimulate inflation.
The Fed's favorite inflation target, which has been below the Fed's 2% target for more than six years, finally reached that target this year.
Investors fully predict that the Fed will raise interest rates at the 25-26 meeting of September, and will raise interest rates again in December. The Fed has raised interest rates two times this year.
But according to Brad, it is wrong to focus particularly on the theoretical relationship between low unemployment and subsequent inflation increases to guide monetary policy.


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