Loretta Mester, president and CEO of Federal Reserve Bank Cleveland branch
Speaking before the Money Marketeers of New York University.
Headlines via Reuters:
Fed will need to raise rates above 5% and keep them there for a while
Tightening monetary policy needed to cool too hot inflation
How much more the Fed hikes depends on economy and how it reacts
Tighter financial conditions should create restraint on economy
Banking sector resilient, stresses appear to have eased since last month
Fed balance sheet cuts aiding rate-hike cycle
Fed closely watching banking system for signs of stress
Expects inflation to ease to 3.75% by end of year, 2% by 2025
Expects growth to moderate this year
Expects jobless rate to rise to between 4.5% and 4.75% this year