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The Fed has more work to do with inflation not reaching peak, Mester says According to Reuters


© Reuters. FILE PHOTO: Cleveland Fed President Loretta Mester joins a panel convened to talk about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson

(Reuters) – The US Federal Reserve (Fed) will continue to raise interest rates as inflation has not even peaked, Cleveland Fed President Loretta Mester said on Tuesday.

“We have a lot of work to do because we haven’t seen a change in inflation yet,” Mester said in an interview with the Washington Post. “It has to be evidence that sustains for several months that inflation has peaked for the first time – we haven’t even seen that – and it is falling.”

Other Fed policymakers on Tuesday also signaled that they and their colleagues remain resolute and “completely united” in raising US interest rates to levels that would significantly more restrain activity economy and the highest inflation reduction since the 1980s.

The US central bank last week raised its benchmark overnight benchmark rate by 3/4 percentage point in its second meeting in a row, with Fed Chairman Jerome Powell suggesting another “unusually large” rate hike is possible. in line again in September if inflation does not ease. to a sufficient extent.

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