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Mester Reiterates Fed Resolve to Curb Inflation With Rate Hikes

  • April-June GDP showed slower, not negative, consumption growth
  • Cleveland Fed leader says US economy isn’t in a recession
Loretta Mester
Loretta MesterPhotographer: Marlene Awaad/Bloomberg
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The Federal Reserve is committed to cooling inflation and needs to raise interest rates to a little above 4% to ease demand, Cleveland Federal Reserve Bank President Loretta Mester said.

“We’re committed to getting inflation down” to the 2% target, which will require more rate increases, Mester said during an event hosted by the Economic Club of Pittsburgh Thursday, repeating comments she’d made earlier in the week.