MNI BRIEF: George Says Fed Committed To 2% Inflation Mandate

Kansas City Fed President Esther George Wednesday said the central bank is fully committed to its 2% inflation mandate, emphasizing the lessons from the 70s and pushing back on questions the Fed would prematurely cut rates later this year.

"One important difference for someone that participates in the dot plot forecasting is to be clear about what we see as the mandate and that is we must restore price stability," she said in Q&A when asked how she explains market pricing suggesting rate cuts later this year. "There is a commitment to being fully committed," she said about the Fed.

(See: MNI: Fed Rates Likely Headed Above 5% Despite Cooling CPI)

George said Wednesday she will be stepping down from her role soon. No replacement has been announced yet.