Cleveland Fed President Loretta Mester: 'Fed will not cut rates in 2023'

Cleveland Fed President Loretta Mester said on Wednesday that interest rates should be raised above 4 percent by early 2023 and kept there for a while.

Cleveland Fed President Loretta Mester underlined that interest rates should be raised above 4 percent by the beginning of next year and kept there for a while, noting that she does not expect the US Federal Reserve to cut interest rates in 2023. Mester used the following statements in her statement: "My current view is that the Fed should raise rates to a level above 4 percent early next year and keep them there. I don't foresee the central bank cutting rates next year." In their statements this week, Fed officials underlined that they were determined to reduce inflation, but remained uncertain about the size of the rate hike at the next meeting. Loretta Mester echoed a similar view, saying, "At any given Federal Open Monetary Market (FOMC) meeting and where the Fed stops raising rates will depend on the inflation outlook." In his speech on August 26, Fed Chairman Jerome Powell stated that bringing down price pressures and bringing them closer to 2 percent was the Fed's main focus. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!