-
Fed’s Mester Suggests Interest Rates Should Stay High for Longer
Federal Reserve Bank of Cleveland President Loretta Mester said policymakers need more data to be confident inflation is on a path to the central bank’s 2% target, and suggested officials should keep interest rates elevated for longer to make it happen. Monetary policy is well positioned at the moment, Mester reiterated, adding she expects price growth to cool at a slower pace than last year now that there are fewer improvements from supply-chain disruptions. “Incoming economic information indicates that it will take longer to gain that confidence,” Mester said Thursday in remarks prepared for an event in ... (full story)