Cleveland Federal Reserve chief predicts interest rates above 4% next year

Aug. 31 (UPI) — The chair of the Federal Reserve Bank of Cleveland said Wednesday she thinks the U.S. benchmark interest rate will continue rising into early 2023 and could climb above 4%.

Loretta Mester, who is also an adjunct professor of finance at the University of Pennsylvania, said she sees the interest rate rising considerably before the Fed is able to declare inflation under control.

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