Cleveland Federal Reserve Bank President Loretta Mester said Tuesday that Russia’s invasion of Ukraine could push higher inflation even higher, even if it slows growth, problems for the US Federal Reserve.
“This is having an impact on the economic outlook, adding to the upside risk to inflation, even though it poses downward risks to the growth forecast,” Mester told an inflation conference hosted by her bank.
“The challenge for Fed policymakers is how to recalibrate monetary policy, reducing the adjustment from the emergency levels needed earlier in the pandemic to now control inflation while maintaining expansion and to keep labor markets healthy “.
Source: Capital
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