"Federal Reserve Officials Maintain Outlook for Three Rate Cuts in 2024"

Federal Reserve Bank of Cleveland President Loretta Mester discussed the U.S. economy and monetary policy, noting that while substantial progress has been made on the inflation front, inflation is still above the 2 percent objective. She expects the economy to grow slightly above trend this year and anticipates the FOMC to begin reducing the fed funds rate later this year as inflation continues to decrease. Mester emphasized the need for risk management with respect to both inflation and maximum employment in future monetary policy decisions, and highlighted the importance of calibrating policy to economic developments to avoid aggressive actions.