Recession risks are growing and it would take ‘a couple of years’ for inflation to return to the US Federal Reserve’s target of 2 per cent, Loretta Mester, president of the Cleveland Fed, said on Sunday.
“I’m not predicting a recession,” she said. “The recession risks are going up, partly because monetary policy could have pivoted a little earlier than it did. We’re doing that now by moving interest rates up but, of course, there’s a lot of other things going on as well,” Mester said on CBS’s “Face the Nation”.
“We do have growth slowing . . . and that’s OK, we want to see some slowing of demand to get in better line with supply.”
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