Cleveland Federal Reserve President: May Keep Interest Rates Unchanged for "Quite a Long Period of Time"

Cleveland Federal Reserve President Loretta Mester said that interest rates may remain at their current levels for a longer period of time while officials assess the incoming economic data. "Rather than trying to fine-tune the federal funds rate, I prefer a cautious approach where we need to assess the impact of recent rate cuts and monitor economic performance," Mester said in a speech in Columbus, Ohio on Tuesday. "Based on my forecast, we may maintain rates unchanged for a considerable period of time."