Loretta Mester, president and CEO of Federal Reserve Bank Cleveland branch is speaking before the Money Marketeers of New York University.
Headlines via Reuters:
- Fed will need to raise rates above 5% and keep them there for a while
- Tightening monetary policy needed to cool too hot inflation
- How much more the Fed hikes depends on economy and how it reacts
- Tighter financial conditions should create restraint on economy
- Banking sector resilient, stresses appear to have eased since last month
- Fed balance sheet cuts aiding rate-hike cycle
- Fed closely watching banking system for signs of stress
- Expects inflation to ease to 3.75% by end of year, 2% by 2025
- Expects growth to moderate this year
- Expects jobless rate to rise to between 4.5% and 4.75% this year
Full text of the speech is here:
