Still backs another interest rate rise this year
Cleveland Federal Reserve President Loretta Mester said Friday that the central bank will have to find a way next year to get away from the constant questions over what the central bank will do at every meeting.
It will be useful if unending questions about the length of that period could be laid to rest, she said. Mester said she is in the camp of one more rate hike this year. That would bring the federal funds rate to a range of 5.5%-5.75%. Bankers in her district report that consumers are relying more on home equity lines of credit and credit cards to fuel spending.
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