Reuters
Published Aug 02, 2022 02:16PM ET
Updated Aug 02, 2022 02:26PM ET
(Reuters) - The Federal Reserve has further to go on raising interest rates as inflation has not even peaked yet, Cleveland Fed President Loretta Mester said on Tuesday.
"We have more work to do because we have not seen that turn in inflation," Mester said in an interview with the Washington Post. "It's got to be a sustained several months of evidence that inflation has first peaked - we haven't even seen that yet - and that it's moving down."
Other Fed policymakers on Tuesday also signaled they and their colleagues remained resolute and "completely united" on getting U.S. interest rates up to a level that will more significantly curb economic activity and put a dent in the highest inflation since the 1980s.
The U.S. central bank last week raised its benchmark overnight interest rate by three-quarters of a percentage point for a second straight meeting, with Fed Chair Jerome Powell indicating another "unusually large" rate hike may be appropriate again in September if inflation is not easing to a sufficient degree.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.