Loretta Mester Says Fed Is on Track for 0.75-Point July Rate Hike

Federal Reserve Bank of Cleveland President Loretta Mester said the U.S. central bank is on track for another big interest-rate rise next month based on current economic conditions.

If the rate-setting Federal Open Market Committee meeting was being held today, Ms. Mester said Wednesday on CNBC that she would advocate for a 0.75-percentage-point rate increase “because I haven’t seen the kind of numbers on the inflation side that I need to see in order to, you know, think that we can go back to a 50 [basis-point] increase.”