'I do think we need to be somewhat above 5% and hold there for a time in order to get inflation on that sustainable downward path to 2%,' Cleveland Fed Pres. Mester tells steveliesman.
The fed funds rate, which sets the level that banks charge each other for overnight borrowing but spills over into many forms of consumer debt, is currently in a target range of 4.5%-4.75%.
Mester made news recently when she revealed that she was among a small group of Fed officials who, at the Jan. 31-Feb. 1 Federal Open Market Committee, wanted a half percentage point rate hike rather than the quarter-point move the panel approved.
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