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Fed’s Mester: Rate hikes have begun to quell US inflation

This undated photo provided by the Federal Reserve Bank of Cleveland shows CEO Loretta Mester. Growing evidence that high inflation is finally easing shows that the Federal Reserve’s sharp interest rate hikes are working as intended, says Loretta Mester, a key Fed policymaker. But further rate hikes are still needed, she says, to decisively crush the worst inflation bout in four decades. “We’re beginning to see the kind of actions that we need to see,” Mester, president of the Federal Reserve Bank of Cleveland, said in an interview with The Associated Press. (Federal Reserve Bank of Cleveland via AP) This undated photo provided by the Federal Reserve Bank of Cleveland shows CEO Loretta Mester. Growing evidence that high inflation is finally easing shows that the Federal Reserve’s sharp interest rate hikes are working as intended, says Loretta Mester, a key Fed policymaker. But further rate hikes are still needed, she says, to decisively crush the worst inflation bout in four decades. “We’re beginning to see the kind of actions that we need to see,” Mester, president of the Federal Reserve Bank of Cleveland, said in an interview with The Associated Press. (Federal Reserve Bank of Cleveland via AP)