NEW YORK (Reuters) – The U.S. central bank (Fed) will need to raise interest rates several times after the first hike in March to fight high inflation, Cleveland Fed President Loretta Mester said on Thursday.
“Considering where inflation is, we have to make a number of moves,” Mester said during a virtual event organized by Lyons Companies and the University of Delaware.
Mester said events in Russia and Ukraine did not change the Fed’s plans to begin removing monetary accommodation, which include raising rates starting in March and shrinking the Fed’s holdings portfolio this year. However, global developments may affect the pace of future rate increases.
(By Jonnelle Mars)
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