Cleveland Federal Reserve Bank president Loretta Mester doesn't think a recession will take place in the United States. Economics Inflation
Cleveland Fed President Loretta Mester Is 'Not Predicting a Recession,' Says Inflation Will Move Down
Cleveland Federal Reserve Bank president Loretta Mester doesn’t think a recession will take place in the United States but believes it will take two years to get inflation back down to 2%. While speaking during an interview on Sunday, Mester explained that while it will take two years, inflation “will be moving down.
Mester explained that the Federal Reserve will be looking for evidence that inflation is being tamed by the central bank’s policy. “We’re going to be looking for the month-to-month changes in inflation rates to get some really good evidence on whether we’ve seen inflation first stabilize and then begin to move back down,” Mester explained. “It is going to take a while to get inflation back down to 2%.
to when the 14th chair of the Federal Reserve, Ben Bernanke, said he did not see a recession coming in February 2008, and then the 2008-2010 recession came to fruition after his statements. While Mester doesn’t predict a coming recession, she says that “recession risks are going up.” The Cleveland Fed branch president detailed that besides the Fed’s monetary policy and interest rate hikes, “there’s a lot of other things going on as well.
“The Ukraine situation, which is a tragedy, has really, you know, led to that high oil prices that everyone’s feeling the brunt of and high gasoline prices,” Mester insisted. Still, the Fed member believes the U.S. central bank has what it takes to tame the economy and get inflation back down to the 2% rate. “We at the Fed are very committed to using the tools at our disposal to bring this inflation under control and getting it back to 2%.
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