Federal Reserve Bank of Cleveland president, Loretta Mester said in an interview with the Financial Times that she sees no 'compelling' reason to pause rate hikes.
The agreement this weekend between the White House and Republican congressional leaders on the US borrowing limit "relieved uncertainty about the economy," Mester added.There has been division among policymakers over fresh rate rises, with some officials hinting at a pause in June. / Getty Images)due on Friday as well as the next inflation report, which will be released ahead of the next Fed meeting on starting June 13.
The Fed has raised its benchmark rate by more than 5 percentage points in a little over a year. The fed funds rate now hovers between 5 per cent and 5.25 per cent. A view of the United States Federal Reserve building, in Washington DC.Fed chair Jay Powell recently hinted he supported a pause, pointing to the number of rate rises the Fed has implemented.
Powell has also argued the recent banking turmoil will tighten financial conditions and in effect do some of the central bank’s job for it.
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