Cleveland Fed’s Mester says prices not peaked

Cleveland Fed President Loretta Mester has said she doesn’t see enough evidence that US inflation has peaked.

In an interview with CNBC Mester said, “I don’t want to declare victory on inflation before I see really compelling evidence that our actions are beginning to do the work. The risk of recession has gone up. I think the Fed has shown that we’re in the process of recalibrating our policy to get inflation back down to our 2% goal.”

She added, “The No. 1 problem in the economy remains very, very high inflation, well above acceptable levels, and that’s got to be our focus going forward.”