6/29, 10:09 AM (Source: TeleTrader)
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Fed's Mester favors 75 bp hike under current conditions

President of the Federal Reserve Bank of Cleveland, Loretta Mester, noted on Wednesday that she would vote for an interest rate increase of 75 basis points in July if the current economic conditions remain unchanged next month.

"If conditions were exactly the way they were today going into that meeting - if the meeting were today - I would be advocating for 75 because I haven't seen the kind of numbers on the inflation side that I need to see to think that we can go back to a 50 increase," Mester told CNBC.

The Fed already decided to increase rates by 75 basis points earlier this month in response to record inflation in the United States. The next meeting of the Federal Open Market Committee is scheduled for July 27, after which a new rate decision will be announced.

Baha Breaking News (BBN) / ND