Cleveland Federal Reserve Bank president Loretta Mester on Friday appeared to share her views on the direction of interest rates. He personally thinks that the Fed should start reducing its support for the economy in November and could raise interest rates next year.
The Fed stressed it will continue to make purchases of $ 120 billion in assets each month until the economy has made more significant progress such as maximum jobs and 2%inflation.
Mester in a speech prepared to be sent to the Ohio Bankers League stated that ‘in my view, the economy has met those conditions and I support the Fed making a buyback in November and concluding it in the first half of next year”.
The economy has also ‘largely’ met the conditions for raising interest rates as well despite risks as the economy is still far from a full workforce. Therefore, he hopes that the conditions for raising interest rates will be met by the end of next year.
The US dollar index traded at a strong trading level of 93.368 around 0.36% following news of Evergrande still impacting and unanswered.
