Fed's Mester: Markets are a bit ahead of Fed on rate cuts

Eren Sengezer FXStreet

Federal Reserve (Fed) Bank of Cleveland President Loretta Mester told the Financial Times on Monday that markets are a 'bit ahead' of the Fed on rate cuts, per Reuters.

"The next phase is not when to reduce rates, even though that’s where the markets are at," Mester added and said that the next phase will be about how long they need monetary policy to remain restrictive.

Market reaction

The US Dollar (USD) Index, which tracks the USD's performance against a basket of six major currencies, edged slightly higher following these comments. At the time of press, the index was virtually unchanged on the day at 102.56.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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