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- Fed's Mester: Need to hike policy rate to over 5% and hold there for a while
Fed's Mester: Need to hike policy rate to over 5% and hold there for a while
Cleveland Federal Reserve President Loretta Mester reiterated on Thursday that the Fed has more work to do with inflation in the US staying too high, per Reuters.
Additional takeaways
"Fed will need to hike policy rate to over 5% and hold there for a while."
"Fed is much closer to end of rate-hike journey."
"Extent of future Fed rate rises depends on how economy performs."
"Seeing welcome progress in balancing demand and supply in economy."
"Watching to see impact of tighter financial conditions on economy."
"How financial conditions evolve could influence future rate hike view."
"Stresses in banking sector have eased but Fed will act if needed."
"Expecting to see meaningful progress in lowering inflation this year."
"Expecting inflation to ease to 3.75% this year."
"Job market is strong, expecting unemployment rate to rise to 4.50%-4.75%."
Market reaction
These comments don't seem to be having a significant impact on the USD's performance against its major rivals. As of writing, the US Dollar Index was down 0.15% on the day at 101.80.
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