Cleveland Federal Reserve Bank President Loretta Mester said on Friday that the July inflation report was good news, but added that she needed to see more orders, according to Reuters. Convincing data is needed to conclude that inflation is falling.
Other points
“I think FOMC Chairman Jerome Powell has sent a very strong message.”
“We’re all in and we’re going to be steadfast in getting inflation on target.”
“September markets were between 50 and 75 and that’s what I Just need to look at more data.”
“We do have a supply and demand imbalance, and the Fed’s tools do work on the demand side.”
“Conditions in Europe may suggest that gasoline prices will not continue to fall.”
“Consideration that inflation has peaked, caution is required.”
“We’ll need to see convincing evidence of falling inflation before we stop raising rates.”
“We’re still in negative real rates and haven’t even reached the neutral federal funds rate yet. .”
“I think rates need to be raised above 4% and stay there.”
“Not forecasting a recession but expecting this year and next year’s growth will be below trend.”
“The labor market may weaken.”
Market reaction
The U.S. dollar index did not react immediately to the comments and was last down 0.1% on the day at 108.30.
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