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Mester: Need To See Several More Good Inflation Readings

FED
  • Cleveland Fed’s Mester (’22 voter) continues with pushback against any thought of a pause in Fed rates.
  • “I don’t think we’re near a pause”. Following “one good” October CPI report, want to see “several more of those and more moderation and perhaps even a reduction in core services prices. And we also have to see better balance in the labour market”.
  • The Nov CPI report hits on Dec 13 but the comments on the labour market comes ahead of payrolls this Friday. Full FT interview here.
  • Terminal hovering just under 5% in FOMC-dated OIS.

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