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Mester: Probably Have More Work To Do

FED

Cleveland Fed’s Mester (’24 voter) spoke to CNBC for her first public appearance since the July FOMC. Pertinent headlines as reported by Bloomberg show her still towards the hawkish end of the FOMC spectrum:

  • We’re getting close to the peak, need to be diligent
  • Probably have more work to do, core inflation too high and don’t see much that has changed my own outlook.
  • Strong growth is not a concern and likely growth will be below trend to return inflation to 2%
  • Labor market has been stronger than anticipated
  • And of interest considering the mechanics of the dot plot *MESTER: MY JUNE FORECAST DID NOT ANTICIPATE 2024 RATE CUTS. That could potentially imply her June dot was for a 5.5-5.75% Fed Funds target range at both end 2023 and 2024 (the latter shared by another member with only one higher at 5.75-6%).
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