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- Fed’s Mester: CPI doesn’t suggest going smaller than June hike
Fed’s Mester: CPI doesn’t suggest going smaller than June hike
“I haven't seen any solid proof that inflation has reached its peak,” said Cleveland Federal Reserve President Loretta Mester said while speaking at the Bloomberg interview.
Key comments
The CPI report was uniformly negative.
We don't need to decide on rates today.
Says she is not seeing any convincing evidence that inflation has peaked.
At the July meeting, we'll talk about the policy path.
Tightening must be done carefully, purposefully.
Fed will need to extend well beyond the neutral rate.
The data on CPI does not suggest a rate hike in July any smaller than that in June.
FX implications
The news exerts downside pressure on the EUR/USD as it fades the previous day’s corrective pullback while retreating to 1.0050 during the early Asian session on Thursday.
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