"The impact of high interest rates in the US has not yet been seen"

While Barkin, a U.S. Federal Reserve official, said the impact of higher interest rates has not yet been seen, Williams said rates will eventually be cut and the timing will depend on the data as a whole. Richmond Fed President Thomas Barkin said he expects higher interest rates to slow the economy further and bring inflation back to the central bank’s 2% target. Barkin, who has a vote on monetary policy this year, said on Monday that the strength of the labor market gives the Fed time to gain confidence that inflation is falling sustainably before lowering borrowing costs. But Barkin added that continuing housing and services inflation risks keeping price increases high as we have seen this year. “I am optimistic that today’s restrictive rate level can lift the cap on demand to bring inflation back to our target. The full impact of higher interest rates has not yet been seen,” Barkin said. New York Fed President John Williams said rates will eventually be cut but when they will be cut will depend on the data as a whole. Citadel founder Ken Griffin also predicted that even if the Fed does not cut rates in September, it will almost certainly be cut this year.