Cleveland's Pianalto says rates must rise further

Sandra Pianalto, the president of the Federal Reserve Bank of Cleveland said in a speech that the Federal Reserve must be "prudent" and continue to raise short-term interest rates until central bankers are more certain that monetary policy is no longer accommodative.

In a speech to a business group in Pittsburgh on Tuesday 18 January, Pianalto said the Fed needed to be alert because the momentum in the inflation process has "clearly shifted away from disinflation."

The strategy of pre-emptive t

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