Fed's Mester says time for rate hike is 'quickly approaching'

WASHINGTON (MarketWatch) - The U.S. economy can handle a rate hike, said Cleveland Fed president Loretta Mester, on Friday. In a speech prepared for delivery to The City Club of Cleveland, Mester said history will ultimately judge the Fed's unconventional actions since the financial crisis based on the U.S. central bank's ability to demonstrate that there is a way out. "The time to start that demonstration is quickly approaching," Mester said. Economic growth should rebound to a 2.5%-2.75% annual rate over the next 15 months, from the 1.5% rate in the third quarter, the Cleveland Fed......(read more)

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