Fed's Mester says its likely the FOMC will need to raise rates one more time this year

<p>Federal Reserve Bank of Cleveland President Loretta Mester speaks on her economic outlook before the 50 Club of Cleveland Monthly Meeting.</p><ul><li>
Monetary policy path depends on how economy performs</li><li>Fed will likely need
to hike rates one more time this year</li><li>Economy on ‘good
path’ amid ongoing rebalancing of supply and demand</li><li>Job market strong
but slowing, coming into better balance</li><li>Inflation ‘too
high’ but sees welcome signs of progress lowering price pressures</li><li>Fed will need to
keep rates high to ensure return to 2% inflation</li><li>Economy has grown
more strongly than expected</li><li>Risks to inflation
tilted toward upside</li><li>Credit conditions
have tightened in line with monetary policy</li><li>Sees some signs wage
pressures are easing</li></ul><p>Mester with quite a few remarks indicating the need for another hike may be dissipating but says anyway that its likely there will be one more.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.