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Fed’s Mester says rate cut unnecessary to offset virus risks
A Federal Reserve official said Monday that she does not see a need to cut interest rates yet, even as worries about the viral outbreak that began in China caused global stock markets to plunge and some economists are penciling in a rate reduction by April. “I see it as a risk to the (economy’s) outlook, but the fundamentals are still strong enough to support trend growth,” Loretta Mester, president of the Federal Reserve Bank of Cleveland, said. “I think our policy is well-calibrated to where we are ... including the risks that are out there.” She also said that, “we don’t want to overreact to the ... (full story)