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
