The Nasdaq and S&P 500 sank to new bear market lows Tuesday as chip stocks and Tesla slumped. Big inflation reports are ahead. Read More...
Reuters
Fed’s Mester says central bank has yet to make a dent in inflation
NEW YORK (Reuters) -Federal Reserve Bank of Cleveland President Loretta Mester said Tuesday that even with a large amount of rate rises this year, the central bank has yet to get surging inflation under control and will need to press forward with tightening monetary policy. “Unacceptably high and persistent inflation remains the key challenge facing the U.S. economy,” Mester said in a speech given before a gathering held by the Economic Club of New York. “Despite some moderation on the demand side of the economy and nascent signs of improvement in supply-side conditions, there has been no progress on inflation,” Mester said.
