The Fed's Loretta Mester said she will support an increase in the Fed’s benchmark short-term rate in March — “barring an unexpected turn in the economy.”
The Federal Reserve should raise interest rates more aggressively than it did in the 2007-’09 Great Recession to stamp out the highest U.S. inflation in 40 years, the president of the Cleveland Federal Reserve said Thursday.
Mester offered few new details on asset sales, however, and said the Fed would have to tread cautiously to avoid causing dislocation in financial markets. Mester said she expects inflation, now at a 40-year high of 7.5%, to run above the Fed’s 2% goal this year and next.
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