Fed's Mester: Rates Need to Exceed 5% for Extended Period
TL;DR Summary
Federal Reserve Bank of Cleveland President Loretta Mester said that the US central bank will need to raise interest rates above 5% to keep inflation on a sustained downward path to 2% and keep inflation expectations anchored. Mester expects growth and hiring to slow and inflation pressures to ease. She also expressed confidence that banking sector woes should ultimately prove contained.
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