2023-05-26 16:00:00
Cleveland Federal Reserve Bank President Loretta Mester said on Thursday that the Federal Open Market Committee (FOMC) meeting in June would not rule out raising interest rates after inflation has not progressed as expected.
“At the June meeting, all options will be on the agenda,” Mester said in an interview with CNBC. “Inflation is still too high and it will take time to come down,” he said. He will not have voting rights at this year’s FOMC meeting.
“The data released this morning suggested that our work was far from done,” Mester said.
U.S. PCE Price Index, Rising Pace Accelerates-Fed Maintains Interest Rate Raising Stance (2)
PCE price index for services excluding housing and energy
Source: U.S. Department of Commerce
Mester stressed that several important data, including May’s employment and price data, will be released before the FOMC meeting on June 13-14, and said he would be judging them carefully.
“At the moment, given the data and the inflation figures, I strongly believe that there is a need to tighten a little more,” Mester said.
FOMC Minutes: Disagreements among Participants on Necessity of Further Rate Hikes (2)
Original title:Fed’s Mester Says ‘Everything’ on the Table for June Rate Action(excerpt)
(Mester – Add Governor’s remarks)
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