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- Fed’s Mester says Fed should keep to its gradual tightening pace
Fed’s Mester says Fed should keep to its gradual tightening pace
Cleveland Federal Reserve Bank President Loretta Mester stated in her speech to Ohio community bankers in Cincinnati Wednesday that she thought the Fed should keep to its slow tightening pace, even with softened inflation.
"The gradual path that the FOMC has communicated for some time is appropriate given the outlook will help prolong the expansion, not curtail it. A gradual removal of accommodation helps avoid a build-up of risks to macroeconomic stability that could arise if the economy is allowed to overheat, as well as risks to financial stability if interest rates remain too low and encourage investors to take on excessively risky investments in a search for yield," she said.
At the same time, she noted that the gradual path she anticipated did not entail an increase at each FOMC meeting.
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