Fed's Mester backs 75 bps hike in July if economic conditions remain same - CNBC

[June 29, 2022]  (Reuters) - Cleveland Federal Reserve Bank President Loretta Mester told CNBC on Wednesday if economic conditions remain the same, she will advocate for a 75 basis points (bps) hike in interest rates at the U.S. central bank's next monetary policy meeting in July.

Cleveland Federal Reserve Bank President Loretta Mester speaks in London, Britain, July 2, 2019. REUTERS/Marc Jones/File Photo

July's meeting will likely involve a debate among Federal Open Market Committee (FOMC) policymakers over whether to opt for 50 bps or 75 bps, Mester said in an interview https://www.cnbc.com/2022/06/29/
feds-mester-backs-75-basis-point-hike-in-july-if-conditions-remain-the-same.html?utm_term=Autofeed&utm_
medium=Social&utm_
content=Main&utm_source=
Twitter#Echobox=1656489523 to CNBC.

"If conditions were exactly the way they were today going into that meeting — if the meeting were today — I would be advocating for 75 (bps) because I haven't seen the kind of numbers on the inflation side that I need to see in order to think that we can go back to a 50 (bps) increase," she said.

(Reporting by Jahnavi Nidumolu in Bengaluru; editing by Uttaresh.V)

[© 2022 Thomson Reuters. All rights reserved.]
This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.