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Federal Reserve Official Mester Skeptical of September Rate Cut
BlockBeats News, September 3rd. Federal Reserve's Mester stated that the Federal Reserve has recently maintained its high interest rate stance, in line with recent high inflation and robust labor market performance. He expressed skepticism about a rate cut by the Fed at the September meeting.
After Federal Reserve Chairman Powell opened the door to a rate cut in a speech last month, a rate cut is now seen as the Fed's default option. Mester acknowledged the slowdown in employment growth, but he stated that the labor market still looks solid due to the moderate unemployment rate and low initial jobless claims.
He believes, on the other hand, that there is still considerable uncertainty about inflation, especially considering the pressure from tariffs. Nevertheless, traders still widely expect that a majority of Fed members will support a 25-basis-point rate cut in September, with a probability of 90%. (FXStreet)
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