Federal Reserve Vice Chair Lael Brainard says U.S. interest rates will likely have to remain high for an extended period to combat inflation. The Fed raised its benchmark interest rate by three-quarters of a percentage point for the third straight time last week. Brainard also addressed concerns that rapid interest rate hikes by central banks around the world are raising the risks of global financial turmoil and recession. Her remarks follow widespread disruptions in financial markets in the past week after newly-installed U.K. Prime Minister Liz Truss’ government unveiled a package of steep tax cuts that could spur more consumer spending and exacerbate already-high inflation in that country. The move pushed the value of the British pound to record lows against the dollar and caused sharp spikes in U. . . .
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