Cleveland Federal Reserve Bank President Loretta Mester said on Friday that the US economy has met the 'substantial further progress' bar for taper, as reported by Reuters.
"I support starting taper in November, completing in the first half of next year."
"On inflation, bar for raising rates has largely been met."
"Conditions for first rate hike expected to be met by end of next year."
"Economy still 'some distance' from maximum employment goal needed for raising rates."
"Forecast uncertainty is high."
"Strong recovery underway but risks remain."
"Delta variant will temper consumer spending in 2nd half but won't derail economy."
"Constraints from supply bottlenecks to last well into next year."
"Expecting 5.5% GDP growth this year, 3.75% to 4% next year."
"Expecting unemployment at 4.75% this year, 4% by ned-2023."
"Inflation likely to remain above 2% over next couple years."
"Upside risks to inflation outweigh downside, but high uncertainty."
The US Dollar Index continues to push higher following these remarks and was last seen gaining 0.32% on the day at 93.37.
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