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MNI BRIEF: Mester Sees Rates Peak A Little Above FOMC Median

(MNI) WASHINGTON

Cleveland Fed President Loretta Mester sees more persistent inflation.

Cleveland Federal Reserve President Loretta Mester said Thursday her own forecast for where the federal funds rate is in 2023 is “a little bit above” the FOMC median of 4.6% in the September SEP.

“I think inflation will be a little more persistent than the median in the SEP,” she said during a conference hosted by the Cleveland Fed. Mester told MNI in a webcast this month that substantial further monetary tightening was needed to make Fed policy restrictive.

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Cleveland Federal Reserve President Loretta Mester said Thursday her own forecast for where the federal funds rate is in 2023 is “a little bit above” the FOMC median of 4.6% in the September SEP.

“I think inflation will be a little more persistent than the median in the SEP,” she said during a conference hosted by the Cleveland Fed. Mester told MNI in a webcast this month that substantial further monetary tightening was needed to make Fed policy restrictive.