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Fed’s Mester Says More Rate Rises are Needed Amid Inflation Surge
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Federal Reserve Bank of Cleveland President Loretta Mester said Wednesday that she doesn’t expect the economy to fall into recession, but risks of that happening are rising, in a speech in which she stressed that the U.S. central bank needs to press forward with increasing its short-term interest rate target.
“I do not believe the U.S. economy is currently in a recession because the labor market is so strong,” Ms. Mester said at a virtual event held by Market News International. But she added, “I do believe that the risks of recession over the next two years have moved up” due to tightening financial conditions, high inflation around the world and Russia’s war on Ukraine.
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