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January 19, 2023

Fed: Rate hikes have begun to quell inflation

AP Economics Writer

WASHINGTON — Growing evidence that high inflation is finally easing shows that the Federal Reserve's sharp interest rate hikes are working as intended, says Loretta Mester, a key Fed policymaker. But further rate hikes are still needed, she says, to decisively crush the worst inflation bout in four decades.

“We're beginning to see the kind of actions that we need to see,” Mester, president of the Federal Reserve Bank of Cleveland, said in an interview with The Associated Press. “Good signs that things are moving in the right direction ... That's important input into how we're thinking about where policy needs to go.”

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