Loretta Mester, former Cleveland Fed president, believes inflation is cooling and expects interest rates to drop later this year. Mester, known for her focus on controlling inflation, retired on June 30.
Mester, 65, joined the Fed in 1985 and earned a Ph.D. in economics from Princeton. She noted that recent inflation trends are promising, but a few more positive readings are needed before cutting rates.
During her time at the Fed, transparency increased significantly. Mester emphasized the harm of high inflation, especially for low-income individuals, but highlighted that wage growth is closing the gap. She remains confident in the Fed’s independence regardless of political changes.
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