Treasury sell-off shows Fed must reinforce inflation credibility, Musalem says

This week’s sell-off in U.S. Treasuries showed that the Federal Reserve needs to reinforce its inflation-fighting credibility by raising interest rates, St. Louis Fed President Alberto Musalem told the Financial Times. “At this juncture, earlier, incremental, gradual interest-rate action is preferable, less costly and less disruptive than potentially later, larger and abrupt actions,” Musalem said. ...

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