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MNI: Mester Urges Fed 'Be Resolute' On Controlling Inflation

(MNI) Washington

Mester supports 50bp hikes at next two meetings, says policy will likely need to go above neutral.

The FOMC will need to "be resolute" to raise interest rates at the speed needed to get inflation under control even if the labor market and growth experiences setbacks along the way, Federal Reserve Bank of Cleveland President Loretta Mester said Thursday.

She also reiterated her support for two more 50bp interest rate hikes at the upcoming meetings this month and next and said the funds rate will probably need to go above its longer-run neutral level to rein in inflation.

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The FOMC will need to "be resolute" to raise interest rates at the speed needed to get inflation under control even if the labor market and growth experiences setbacks along the way, Federal Reserve Bank of Cleveland President Loretta Mester said Thursday.

She also reiterated her support for two more 50bp interest rate hikes at the upcoming meetings this month and next and said the funds rate will probably need to go above its longer-run neutral level to rein in inflation.

Keep reading...Show less