Cleveland Federal Reserve President Loretta Mester emphasized on Thursday that despite recent reports indicating lower inflation levels, she remains unconvinced that the central bank has definitively triumphed over the challenge of rising prices. Loretta Mester iterated the need for more tangible progress in the fight against inflation, stating, “We’re making progress on inflation, discernible progress. However, Loretta Mester remains circumspect about the future trajectory of monetary policy. Drawing an analogy to navigating a ship, Loretta Mester likened the Fed’s current position to being at the crow’s nest, allowing for a vigilant observation of the economic horizon. Loretta Mester, set to retire midyear after reaching the Fed’s time-served limit, underscored the significance of assessing whether the economy aligns with the committee’s forecasts.

Source: Wall Street Journal November 17, 2023 20:10 UTC