Fed’s Mester backs half-point rate hikes in June and July

Federal Reserve Bank of Cleveland President Loretta Mester backed raising interest rates by half percentage points at the central bank’s next two policy meetings in order to tamp down surging inflation.  “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,” Mester said Friday in prepared remarks for a virtual appearance at the International Research Forum on Monetary Policy. Central bankers raised interest rates by a half point at their meeting earlier this month and Chair Jerome Powell told reporters that similar moves were on the table at their next two meetings, in June and July.
Source: The Bond Buyer