Fed official advocates rate hikes

The President of the Cleveland Federal Reserve, Loretta Mester, emphasized that it is time to take action to reduce inflation, noting that current interest rates are not slowing down the economy enough to automatically ease price pressures. She stated in an interview that imposing additional restrictions is necessary to help achieve the targeted inflation goal, warning that continued high inflation makes subsequent reduction more difficult. Despite holding the interest rate steady for the fifth consecutive time, recent inflation data showed stability at an annual rate of 3.7% in July, and living costs remain high, with expectations of interest rate cuts beginning in the first quarter of 2027.

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