Federal Reserve policymaker Loretta Mester argued that the Fed's significant interest rate hikes over the previous months have started to curb inflation in the United States.
"We're beginning to see the kind of actions that we need to see... Good signs that things are moving in the right direction ... That's an important input into how we're thinking about where policy needs to go," Mester told the Associated Press in an interview published on Wednesday.
The December inflation data confirmed last week that prices continued to decline for the sixth consecutive month. However, Mester shared her belief that the Fed's key rate must continue rising above the projected 5-5.25% range. The Fed's next rate decision is scheduled for February 1.
