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6/22, 6:24 PM (Source: TeleTrader)
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Fed's Mester: Inflation not at 'concerning' levels

Cleveland Federal Reserve President Loretta Mester said on Tuesday that while inflation expectations have gone up, it has not yet reached "concerning" levels.

Mester also stated that she expects inflation to reach somewhere between 3% and 3.5%, but that afterwards it will go down to the Fed's target of 2% next year. Additionally, she noted that elevated prices are caused by supply constraints.

On the labor market, Mester wanted to see more progress on unemployment but asserted that a better picture of the labor force will be seen in September, once schools reopen and enhanced unemployment benefits end.

Breaking the News / OL