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10/7, 1:33 AM (Source: TeleTrader)
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Fed's Mester: No rate cuts at all next year

Federal Reserve Bank of Cleveland President Loretta Mester said that the Fed must be "singularly focused" on inflation and not stop until it drops to the 2% target, meaning no rate cuts at all in 2023. She went on to say that real rates must turn positive and stay that way "for a while" to bring prices down.

Mester noted that she has not seen evidence that would warrant a slowdown in the pace of interest rate hikes as inflation persists. She stated there is no indication that "markets aren't working" in the United States, adding that market conditions are tightening, "which is expected as rates rise."

Baha Breaking News (BBN) / DJ