Federal Reserve Bank of Cleveland President Loretta Mester said on Friday that recent inflation weakness was likely temporary and should not delay another interest rate hike this year.
However, she added that currently there is no "immediate need" to tighten policy.
"I don't think there is an immediate need to do something, I don't think we are behind the curve, but I do think this gradual reduction of accommodation ... makes sense to me," said Mester.
The Federal Reserve has projected one more quarter-point rate increase this year and three in each of the next two years.
What's Hot On TheStreet:
Well OK then, Jeff Immelt: General Electric's (GE) - Get Report outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR) - Get ReportCEO might have made about Amazon (AMZN) - Get Reportwho as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.
Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.
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