Fed Mester: Inflation likely to be bullish given Ukraine war and China lockdown

Cleveland Fed Pres. Loretta Mester speaks:

  • Needs several months of inflation to bring it down before comfortably concluding it has peaked
  • Inflation likely to rise given war in Ukraine and Covid lockdowns in China
  • Citing the September Fed meeting as a time to take stock of whether prices are rising or falling and how policy should react
  • With luck, supply chain and other issues might ease, but the Fed can’t rely on luck
  • Favors a 50 basis point hike in the next 2 meetings


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