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Fed's Mester strongly backs U.S. rate hike as prudent first step

Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson

SAN FRANCISCO (Reuters) – The Federal Reserve’s interest rate hike last month was a prudent first step to a more normal policy era and it signaled the central bank’s confidence that the U.S. economy will continue to improve, a top Fed official said on Sunday.

“I fully supported the … December action,” said Cleveland Fed President Loretta Mester, a somewhat hawkish policymaker who regains a vote on U.S. monetary policy this year.

“It was prudent to take the first step on the path of gradual normalization of interest rates,” she said in prepared remarks, and “an indication of monetary policymakers’ confidence that read more >>>

Source : BusinessInsider.Com