Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gasprices - Cleveland Federal Reserve Bank President Loretta Mester said on Wednesday she expects price pressures to ease further this year, allowing the Fed to reduce borrowing costs, but only when it is"pretty confident" inflation is heading sustainably to its 2% goal.
"Sometimes things don't cooperate; we just have to sort of be watchful here, and wait until the economy shows itself about where we are," she said. And with the labor market strong - unemployment was 3.8% in March - and U.S. economic growth solid, the Fed has time to wait for more information before making any move, she said.
Other Fed officials have made similar rhetorical pivots away from guidance on the timing of rate cuts, with Fed Chair Jerome Powell on Tuesday signaling rates may stay higher for longer.
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