© Reuters.
Investing.com – Cleveland Federal Reserve Chair Loretta Mester said on Friday that she’s sticking to her earlier predictions made at the end of last year of the US central bank’s interest rate peak, given that economic data since then hasn’t made her change her mind.
“My interest rate forecast was a little higher than average, and I haven’t really seen a significant change in my outlook for the economy since that time,” Mester said in an interview with CNBC.
“So I think we’re going to have to get interest rates above 5%… I think we need to get them a little bit above 5% and hold them there for a while in order to get inflation on a sustainable downward path.”
Mester was speaking before the release of inflation data which showed price pressures accelerating again, prompting investors to bet that the Federal Reserve will raise interest rates at least three more times.
Meister continued:
– The economy ends up in an inevitable recession with increased efforts to reduce inflation
Inflation risks remain on the rise
Market monitoring
US stocks continued their strong decline today with a loss of 484 points. It decreased by 2.01%, and decreased by 1.63%.
While the American rose by 0.61%, at 105.185 points.
The main points of support and resistance appear on the hourly chart as follows:
Support: 104.918, 105.006, 105.061
Resistance: 105.237, 105.292, 105.380
