© Bloomberg. Loretta Mester, president and chief executive officer of the Federal Reserve Bank of Cleveland, speaks during a Bloomberg Television interview at the Jackson Hole economic symposium in Moran, Wyoming, US, on Friday, Aug. 26, 2022. Federal Reserve Chair Jerome Powell signaled the US central bank is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation, and he pushed back against any idea that the Fed would soon reverse course.
(Bloomberg) — Federal Reserve Bank of Cleveland President Loretta Mester said she wouldn’t rule out raising interest rates again next month after disappointing progress on inflation.
“Everything is on the table in June,” Mester, who doesn’t vote on rate decisions this year, said Friday in an interview on CNBC. “Inflation is still too high and it’s stubborn.”
Data released earlier Friday showed the personal consumption expenditures price index, the Fed’s preferred inflation gauge, rose a faster-than-expected 0.4% in April and was up 4.4% from a year ago — more than double the central bank’s 2% target.
“The data that came in this morning suggests we have more work to do,” she said.
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