Fed's Stern sees US rate rises continuing

Federal Reserve Bank of Minneapolis President Gary Stern sees no reason for the Federal Reserve to stop raising interest rates now as the economy expands at a desirable pace, a Japanese newspaper reported on Monday 20 June.

The Fed's target for the federal funds rate, the rate at which banks lend overnight money to each other, remained low despite a year-long credit-tightening campaign that has brought it up to 3.0 percent from 1.0 percent, the Nihon Keizai Shimbun quoted Stern as saying in an

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