Federal Reserve Bank of Cleveland President Loretta Mester said she’s confident that the U.S. will avoid a recession as the Fed tightens policy, though the inflation rate will probably remain at more than 2% into next year. “I think that it will take some time to get inflation down,” Mester said on CBS’s “Face the Nation,” citing rising energy and commodity prices. “So I think inflation will remain above 2% this year and even next year, but the trajectory will be that it’ll be moving down.” China’s attempts to stamp out Covid-19 are also contributing, Mester said. “Certainly the lockdown in China is going to ... (full story)