Cleveland Fed Pres. Loretta Mester speaking:
- Needs several months of inflation moving it down before comfortable concluding it has peaked
- Inflation risks to the upside given Ukraine war, China Covid lockdowns
- Cites September Fed meeting as a moment to take stock of whether prices are increasing or decreasing, and how policy should respond
- With luck, supply chain and other problems could ease, but Fed cannot rely on luck
- Favors a 50 basis point hikes over the next 2 meetings
