The Fed Will Hike Rates to at Least 4% come ‘Hell or High Water,’ Former Fed Vice Chair says

And until inflation cools, Clarida also said the Fed would effectively have a single mandate instead of its official dual mandate of price stability and maximum employment.

“The chair made clear: the Fed knows that if you squander price stability it’s very hard to achieve and sustain maximum employment,” he said. “So I think that they are data dependent, and the data says inflation is too high. So I think they’re going at least to 4%.”