Fed's Mester: Rate hikes to continue until inflation peaks - Breaking The News

Fed's Mester: Rate hikes to continue until inflation peaks

2 August

1 min read

EPA-EFE/MICHAEL REYNOLDS

President of the Federal Reserve Bank of Cleveland, Loretta Mester, said on Tuesday that the Fed would continue hiking interest rates as the United States inflation hasn't reached its peak yet.

"We have more work to do because we have not seen that turn in inflation. It's got to be sustained several months of evidence that inflation has first peaked - we haven't even seen that yet - and that it's moving down," Mester told the Washington Post.

Fed officials have a broad consensus regarding raising rates at the upcoming FOMC meetings. Commenting on the timeline, Charles Evans from Chicago Fed said earlier today he favors a 50-75 basis points rate hike for next month.

inflation fed interest rate mester

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