Salem Radio Network News Sunday, August 7, 2022

Business

Fed’s Mester says she wants to get policy rate a little above 4%

(Reuters) – The U.S. Federal Reserve should raise interest rates to above 4% in order to bring inflation back down to target, Cleveland Fed President Loretta Mester said on Thursday.

“I would pencil in going a bit above four as appropriate,” Mester told reporters following an event held at the Economic Club of Pittsburgh, in reference to the central bank’s policy rate. “It’s not unreasonable I think to maintain that as where we’re getting to and then we’ll see.”

(Reporting by Lindsay Dunsmuir; Editing by Daniel Wallis)

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