More from Cleveland Fed Pres. Mester:
- Doesn't want to offer timing on rate cut
- Sees no rush to lower Fed rate target
- Still leans toward three rate cuts for 2024
- Wants more data before deciding on rates
- Expects to see rate cuts later this year
- Fed should not rule out asset sales for balance sheet
- Expects balance sheet run off to slow before being stopped
The Fed in their dot plot saw the Fed Funds rate falling from 5.40% to 4.60% which is about 3 cuts.