Fed’s Mester: PCE data underscores slow progress on inflation
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In an interview with CNBC on Friday, Federal Reserve Bank of Cleveland President Loretta Mester said that the Personal Consumption Expenditures (PCE) Price Index released on Friday underscored the slow progress on inflation.
Breaking: US Core PCE inflation increases to 4.7% vs. 4.6% anticipated.
“It’s probably not wise to sort of pre-guess what the meeting outcome will be,” Mester said when asked whether another rate increase is warranted at the upcoming FOMC meeting.
“Tighter monetary policy is still feeding into the economy.”
“I may have to revise up my inflation forecast.”
“Everything is on the table for the June FOMC meeting.”
“Fed is very committed to lowering inflation in timely way.”
“Fed still has more data to see ahead of the June FOMC meeting.”
“Have not sees much sign of banking stress affecting credit conditions.”
“Economy has slowed quite a bit relative to last year.”
“Important for the Fed not to under tighten monetary policy.”
“Right now is the hard part for monetary policy decisions.”
The US Dollar Index stays in positive territory above 104.30 following these comments.
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