Cleveland Fed president needs to raise rates by 075p in September

Cleveland Fed President Loretta Mester said the Fed should raise rates to 4%.

“The Fed must do its best to keep inflation down to 2%,” Mester said at an event hosted by the Pittsburgh Economic Club on the 4th (local time), according to Archyde.com.

Earlier, Fed Chairman Jerome Powell remarked at a press conference shortly after the FOMC meeting in July that “the interest rate could rise by 0.75 percentage points at the September meeting, but it would be appropriate to slow the rate of increase.”

“The Fed’s president seems to have made this remark as there has been a lot of speculation in the market recently that the Fed will slow down rate hikes,” the report said.

Reporter Hyo-rim Jeong Bloomingbit [email protected]