The former president of the New York Federal Reserve said he expects the Fed to raise interest rates at its meeting later this month, but it could be the last such raise for addressing the inflation that has been present in the wake of the COVID-19 pandemic. Bill Dudley, who served in his position at the New York Fed for about 10 years, told Bloomberg Wednesday that the Fed should be cheering the Labor Department report that inflation fell from an annual rate of 4 percent in May to 3 percent last month. But he said he does not believe the report will stop the Fed from raising interest rates because it has signaled that it will review the “totality” of the data on prices for the pa
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