Cleveland Fed President Loretta Mester said Wednesday that she will be advocating for a 75 basis point hike to interest rates in July if conditions stay the same.
The"dot plot" of individual FOMC members expectations places the Fed's benchmark rate at 3.4% by the end of the year, from its current target range of 1.5%-1.75%.
Mester suggested that consumers' experience of inflation, which hit 8.6% at the headline level in May, was"clouding" their confidence in the economy. "Job one for us now is to get inflation rates under control, and I think right now that's coloring how consumers are feeling about the economy and where it's going."
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