Fed’s Harker Says He Does Not Support Rate Cuts for Now, Emphasizes Inflation Remains Too High

According to ChainCatcher, citing Jinshi News, Cleveland Federal Reserve President Loretta Mester stated that if Fed officials had to make a policy decision tomorrow, she would not support a rate cut. She pointed out that the current level of inflation is too high and has been trending upward over the past year. Mester acknowledged concerns about the labor market but believes it is important to maintain a moderately tight policy stance in order to continue bringing inflation back to target levels.