Federal Reserve Bank of Cleveland President Loretta Mester said the U.S. central bank needs to press forward with aggressive rate rises, and that by early fall it may be able to take stock of whether it can slow down or will need to speed up the process of removing support from the economy.
“Given economic conditions, ongoing increases in the fed-funds rate are called for, and unless there are some big surprises, I expect it to be appropriate to raise the policy rate another 50 basis points at each of our next two meetings,” Ms. Mester said in a Friday speech text.
