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9/28, 10:39 PM (Source: TeleTrader)
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Fed's Mester: Still far from inflation, employment aims

Federal Reserve Bank of Cleveland President Loretta Mester stressed on Monday the United States' economy is "still far from achieving" its goals for inflation and employment as the coronavirus pandemic continues to impact the country's finances, predicting the unemployment rate would hit 7% by the year's end.

Mester noted the forthcoming stimulus was "meant to limit longer-run damage" as the rebound remained "fragile." She added, however, that the monetary policy was "well-calibrated" and that the asset purchases are "providing accommodation."

Mester previously foresaw the rhythm of economic recovery would dictate the inflation rate.

Breaking the News / JR