Fed Needs High Rates for ‘a While’ to Cool Prices, Mester Says

Federal Reserve Bank of Cleveland President Loretta Mester said her estimate for interest rates is higher than that of her colleagues and the central bank needs sustained tight policy to defeat inflation.

“We have to continue to raise rates because we have more work to do on inflation,” Mester said Friday during an interview with Bloomberg Television with Michael McKee. “It’s just going to take some time for inflation” to get down.