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Mester reiterates some 50bp rate hikes will be needed this year

The president of the Cleveland Fed and member of the FOMC, Loretta Mesterreiterated on Wednesday his view that the Fed will have to make some 50 basis point rate hikes this yearas reported by Reuters.

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“I would like to bring forward some of our interest rate hikes and it is better to do it sooner than later.”

I’m not worried about starting to reduce the balance and raise rates in the same meeting“.

“The balance reduction will have a good effect by not further distorting the performance curve.”

“Markets can handle such a move and we have to go ahead with the process.”

“We have to do what we can to control inflation.”

“I think we have to be more aggressive sooner rather than later.”

“I support starting the process on the balance sheet.”

We will have to raise interest rates this year and next to tame inflation“.

“Some wage increases we’re seeing are outpacing productivity growth.”

“It will take some deliberate policy action on our part to bring inflation down.”

“There are no concerns that rate increases are going to push the US economy into recession.”

“We need to control inflation for both sides of the mandate.”

“I supported the 25 basis point hike at the last meeting because it was coupled with ongoing rate hikes.

Source: Fx Street

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