Fed’s Mester: road ahead will be bumpy for economy in inflation fight

FILE PHOTO: A person shops at a Whole Foods grocery store in the Manhattan borough of New York City, New York, U.S., March 10, 2022. REUTERS/Carlo Allegri

(Reuters) – The U.S. economy will experience turbulence from the Federal Reserve’s efforts to bring down inflation running at more than three times above its goal but policymakers must stay the course, Cleveland Fed President Loretta Mester said on Tuesday.

“I am optimistic there are still some good scenarios out there, but we have to do it. It won’t be smooth, it will be bumpy and we’ll have to accept those bumps along the road but be resolute in aiming for getting this inflation down,” Mester said in an interview with Bloomberg Television.

Mester added that recent volatility in the stock market would not deter policymakers.

“That doesn’t change our focus on our long term goals on maximum employment and price stability,” she said.


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