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Cleveland Federal Reserve Chairman Meister said recently that, The latest CPI data showing the softening of inflation is "welcome news". She hopes to see good data for several months before considering interest rate cuts, but it is important not to wait too long to cut interest rates.
In an interview with CNBC on Friday, Mester said, "I hope to see good inflation data for a few months: inflation has declined, and short-term inflation expectations have begun to decline. You need to start thinking, 'Well, this may be the right set of data combinations, such as the situation of the labor market and inflation, so as to start cutting interest rates.'"
After the Federal Reserve held an interest rate meeting this week, Mester was the first Federal Reserve official to speak publicly. On Thursday, the Federal Reserve kept the key short-term interest rate at a 23 year high of 5.25% - 5.5%, due to the lack of progress in the recovery of US inflation to the low level before the epidemic.
Officials also lowered their expectations on how many times they plan to cut interest rates this year. According to the median of their forecasts, They will cut interest rates only once a year 。 At the beginning of this year, many economists predicted that the Federal Reserve would cut interest rates at least three times this year.
Meister said that, The Federal Reserve will not wait for inflation to fall to 2% before cutting interest rates 。 "It is not appropriate to keep the interest rate at the current level until we reach 2%," she said She insinuated that high interest rates might harm the economy 。
Federal Reserve Chairman Powell made it clear that if inflation resumes the downward trend that was interrupted in the first four months of 2024, the Federal Reserve will cut interest rates more actively.
Maester will step down as chairman of the Cleveland Federal Reserve at the end of this month. She has held this position for 10 years before, and her position has changed from Goldman Sachs Partner Beth Hammack takes over, and the latter will take office in August. At the FOMC meeting in July this year, Chicago Fed Chairman Goolsbee will briefly exercise the voting power of Cleveland Fed Chairman.
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