Fed's Harker: Does not support rate cuts for now

Cleveland Fed President Mester said that if Fed officials had to make a policy decision tomorrow, she would not support a rate cut. "The current inflation level is too high and has been rising over the past year," Mester said in an interview on Thursday. "From the information I have, I don't see any reason to lower rates if the meeting were tomorrow." She acknowledged concerns about the labor market but pointed out that the unemployment rate remains close to her estimate of full employment. "From a holistic perspective, I believe it is important to maintain a stance of moderate tightening in order to continue to bring inflation back to the target level."