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- Cleveland Fed president Mester: I expect tapering to start some time this year
Cleveland Fed president Mester: I expect tapering to start some time this year
- We're "basically there" on substantial further progress
- We've certainly made substantial further progress since December when policy guidance was put in place
- It is now question of communicating what policy stance is on tapering
- I'm comfortable if we begin to talk about a taper in September and start to taper before year-end
- There's no rush to taper
- Higher prices in some components will stay longer than Fed expected and could feed into inflation expectations
- Businesses are saying they thought supply issues would be resolved by now
- My baseline outlook is still that prices will fall back down but I think it's "up in the air" now about when that will be
- Says that if they complete taper by the middle of next year they'll have time to assess the potential timing of a hike
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