European markets set to start the new trading week on a positive note

European markets are set to start the week in positive territory, bucking a more mixed trend globally in recent days.

Interest rates need to go even higher for inflation to come down, Cleveland Federal Reserve President Loretta Mester said Friday.she told CNBC's Steve Liesman during a "Squawk Box" interview

. "We'll figure out how much above. That's going to depend on how the economy evolves over time. But I do think we have to be somewhat above 5% and hold there for a time in order to get inflation on a sustainable downward path to 2%." Mester made news recently when she revealed that she was among a small group of Fed officials who, at the Jan. 31-Feb. 1 Federal Open Market Committee, wanted a half percentage point rate hike rather than the quarter-point move the panel approved.European markets are heading for a positive open Monday,

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