Cleveland Fed President Loretta Mester said her forecasts includes 'monetary policy moves somewhat further into restrictive territory' this year.
Cleveland Fed President Loretta Mester said she expects the central bank will have to raise interest rates further in order to bring down inflation.
The Cleveland Fed president said that there is “heightened uncertainty” surrounding the outlook in light of the recent stress on banks in the wake of the rapid collapse of Silicon Valley Bank. The Fed will have to look at a “whole panoply” of data to understand where the economy is going, she said. In their policy statement, Fed officials said more rate hikes “may” be needed and penciled in one more rate hike to their forecast, which would bring their benchmark rate to a range of 5%-5.25%.
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