Fed’s Mester: Fed will need to hike rates above 5% and hold them there for a while

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“Federal Reserve will need to hike rates above 5% and hold them there for a while,” said Federal Reserve Bank of Cleveland leader Loretta Mester late Tuesday.

The policymaker also stated that the recent bank tighter credit may result from turmoil.

The news might have allowed the US Dollar bears to take a breather at the lowest levels in two months, making rounds to 101.50 by the press time.

Also read: Forex Today: Dollar under pressure, Gold jumps and US yields tumble

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