Federal Reserve Bank of Cleveland President Loretta Mester speaks on her economic outlook before the 50 Club of Cleveland Monthly Meeting.
- Monetary policy path depends on how economy performs
- Fed will likely need
to hike rates one more time this year - Economy on ‘good
path’ amid ongoing rebalancing of supply and demand - Job market strong
but slowing, coming into better balance - Inflation ‘too
high’ but sees welcome signs of progress lowering price pressures - Fed will need to
keep rates high to ensure return to 2% inflation - Economy has grown
more strongly than expected - Risks to inflation
tilted toward upside - Credit conditions
have tightened in line with monetary policy - Sees some signs wage
pressures are easing
Mester with quite a few remarks indicating the need for another hike may be dissipating but says anyway that its likely there will be one more.
Cleveland Fed Pres. Loretta Mester