Central Banks

Fed Officials Back Another Hike While Watching Banking Fallout

Mester says Fed close to end of the tightening cycle
Bostic confirms he’s still ‘one and done’ on rate hikes

WATCH: Federal Reserve Bank of Cleveland President Loretta Mester discusses her expectations for the Fed’s interest rate path and outlook for reaching the central bank’s inflation target.Source: Bloomberg

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By Jonnelle Marte and Steve Matthews

April 20, 2023 at 11:40 PM UTC

Updated on

April 20, 2023 at 11:54 PM UTC

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Federal Reserve officials backed another interest-rate increase as they monitor economic fallout from bank strains, while fresh emergency loan data showed financial stress continues to linger.

Cleveland Fed President Loretta Mester, typically among the more hawkish of policymakers, said she favored getting rates above 5% because inflation was still too high.