NYC Economy Tackles Rising Inflation Concerns Amid Interest Rate Hike Speculation

As inflation remains high in New York City, Federal Reserve Governor Michael Barr said he's prepared to support an interest rate hike if prices don't begin to ease.

Barr, a voting member of the rate-setting Federal Open Market Committee, made his remarks on Tuesday amidst rising Treasury yields and tensions in the Middle East.

Meanwhile, Mayor Zohran Mamdani's newly formed Business Advisory Council is working to strengthen the city's economy, with one of its members, Scott Rechler, discussing interest rates during a recent interview.