Inflation & Prices
Fed Officials Flag Risk of Sticky Inflation as PCE Comes in Hot
- Mester says data shows Fed needs to do ‘a little more’
- Fresh study suggests rate may need to be raised to 6.5% peak
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Federal Reserve officials said inflation is too high and may take time to cool, even as fresh price data came in hotter than expected and new research suggested they may need to raise interest rates as far as 6.5%.
“The inflation readings are still not where we need them to be,” Cleveland Fed President Loretta Mester told Bloomberg News in an interview Friday in New York.