Fed’s Mester Wants More Data Before Cutting Three Times in 2024
- Cleveland chief says Fed will likely cut ‘later this year’
- Mester says she still expects three interest-rate cuts in 2024
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Federal Reserve Bank of Cleveland President Loretta Mester said she wants to see more evidence that inflation is headed lower before cutting interest rates, but noted recent figures have generally aligned with her expectation for slower progress on price growth.
Mester, a voter on this year’s policy-setting committee, said the higher-than-hoped inflation readings from the beginning of the year largely just confirmed the bumpy nature of disinflation. She said she still believes price growth will continue to cool toward the Fed’s 2% goal, just at a slower pace than last year.