{"text":[[{"start":7.95,"text":"A top Federal Reserve official has signalled the US central bank will keep borrowing costs on hold this month, saying it will “take more time” for rate-setters to decide if they need to raise interest rates again."}],[{"start":20.2,"text":"Philip Jefferson, the Fed’s vice-chair for monetary policy, on Thursday became the latest senior policymaker to row back on market bets that the central bank will raise rates as soon as the next vote, set for October 28."}],[{"start":32.95,"text":"“Since our September meeting, yields across the term structure have increased further, a sign that investors are reassessing the evolving macroeconomic landscape,” Jefferson said. “My colleagues and I will need to come to our own judgment, which may take more time.”"}],[{"start":48.150000000000006,"text":"The Fed increased rates for the first time in three years earlier this month, raising the benchmark federal funds rate by a quarter point to a range of 3.75 per cent to 4 per cent amid signs that inflationary pressures remained too strong."}],[{"start":62.45,"text":"US government borrowing costs have risen since the Fed’s mid-September vote, in a sign that some investors believe interest rates will need to rise further to contain an economy that is at risk of overheating."}],[{"start":74.65,"text":"Market bets on a rate rise at the October vote rose to more than 60 per cent last week."}],[{"start":80.30000000000001,"text":"However, the odds on an increase have tumbled over the course of this week following dovish remarks from New York Fed president John Williams, who said there was “no need for urgency” when it came to deciding when the central bank should raise borrowing costs."}],[{"start":93.80000000000001,"text":"Both Jefferson and Williams, who is also vice-chair of the Federal Open Market Committee, are among the most powerful members of the US central bank’s rate-setting body."}],[{"start":103.4,"text":"CME data tracking federal funds futures was pricing in a 26 per cent chance of a quarter-point rate rise in October, down from a 33 per cent chance ahead of Jefferson’s speech. "}],[{"start":115.2,"text":"“We think the joint message from Jefferson and Williams is authoritative,” said Krishna Guha, vice-chair at Evercore ISI. "}],[{"start":123.4,"text":"Guha added that while Kevin Warsh has not commented on monetary policy since the September vote, the Fed chair “accepts the need for the Fed to try to calm roiled bond markets and support an orderly assessment of the outlook by projecting a calm and methodical approach itself”. "}],[{"start":139.75,"text":"Jefferson hinted the Fed could eventually raise borrowing costs again, should data continue to indicate that the central bank is struggling to bring inflation back under control to its 2 per cent goal."}],[{"start":151.9,"text":"“I will continue to assess whether underlying trends suggest that inflation will return to target with sufficient speed,” he said. “With more data in hand, such trends may lend themselves to better discernment, as may the appropriate stance of monetary policy.”"}],[{"start":174.75000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790895627_2304.mp3"}