Feds Mester sees more rate rises ahead

WASHINGTON, April 5 — Federal Reserve Bank of Cleveland President Loretta Mester said yesterday that while the economy appears on a path toward slowing down, the central bank likely has more rate rises ahead of it. “In my modal projection, to put inflation on a sustained downward trajectory to 2 per cent and to keep inflation expectations anchored, monetary policy moves somewhat further into restrictive territory this year, with the fed funds rate moving above 5 per cent and the real fed funds rate staying in positive territory for some time,” Mester said in the text of a speech for…