A top US monetary policymaker has said the strength of the US economy means that interest rates are unlikely to fall as far as expected in the longer term, as she all but ruled out a cut as soon as May.
Loretta Mester, president of the Cleveland Federal Reserve and a voting member of the Federal Open Market Committee, revealed in a speech on Tuesday that she had raised her estimate of the longer-run federal funds rate from 2.5 per cent to 3 per cent.
Mester also said she needed to see more evidence of inflation falling towards the central bank’s 2 per cent goal before moving to lower borrowing costs from their current 23-year high of 5.25-5.5 per cent.
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