US NEWS MONEY: Fed's Mester Says Central Bank Has Yet to Make a Dent in Inflation

Federal Reserve Bank of Cleveland President Loretta Mester said Tuesday that even with a large amount of rate rises this year, the central bank has yet to get surging inflation under control and will need to press forward with tightening monetary policy.

“Unacceptably high and persistent inflation remains the key challenge facing the U.S. economy,” Mester said in a speech given before a gathering held by the Economic Club of New York. “Despite some moderation on the demand side of the economy and nascent signs of improvement in supply-side conditions, there has been no progress on inflation,” Mester said.
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BLOOMBERG: Fed's Loretta Mester Says More Restrictive Policy Needed to Cool Prices - Bloomberg

Federal Reserve Bank of Cleveland President Loretta Mester said officials need to keep raising interest rates and cannot get complacent as they work to battle the strongest inflation in a generation.

“Given the current level of inflation, its broad-based nature, and its persistence, I believe monetary policy will need to become more restrictive in order to put inflation on a sustainable downward path to 2%,” Mester said Tuesday in a speech to The Economic Club of New York.

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ECNY: Webcast Virtual Event

Diversity, Equity & Inclusion Series

We are honored to welcome Dr. Ruth Browne, President & CEO of Ronald McDonald House. Dr. Ruth Brown will discuss how the pandemic has caused a shift in the way her organization provides support and care and how they are overcoming these challenges to continue to drive a health equity agenda for families with pediatric illness in New York.

BLOOMBERG: Fed’s Mester Sees No Reason to Alter Balance-Sheet Runoff Plans
Federal Reserve Bank of Cleveland President Loretta Mester said the central bank should stick with its approach to shrinking its massive balance sheet, notwithstanding ongoing volatility in financial markets .

“I don’t see any need at the moment to adjust that plan. I think there is a lot of benefit to leaving that plan in place,” Mester said Tuesday during an interview with Kathleen Hays on Bloomberg Television. “Markets have understood the plan. They see it. They understand it.”

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BARRON'S: Cleveland Fed President Says There’s Been No Progress on Inflation, so Interest Rates Need to Move Higher

With little or no progress made on bringing inflation down, the Federal Reserve needs to continue raising interest rates, Cleveland Fed President Loretta Mester said Tuesday.

“At some point, you know, as inflation comes down, them my risk calculation will shift as well and we will want to either slow the rate increases, hold for some time and assess the cumulative impact on what we’ve done,” Mester told reporters after a speech to the Economic Club of New York.

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ECNY: Signature Luncheon

Join us for a Signature Luncheon as we welcome Loretta J. Mester, President and CEO of the Federal Reserve Bank of Cleveland. Loretta will join us to discuss monetary policy with respect to inflation and where current economic trends are headed.

NASDAQ: Fed's Mester says central bank has yet to make a dent in inflation
“Unacceptably high and persistent inflation remains the key challenge facing the U.S. economy,” Mester said in a speech given before a gathering held by the Economic Club of New York. “Despite some moderation on the demand side of the economy and nascent signs of improvement in supply-side conditions, there has been no progress on inflation,” Mester said.

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ECNY: Webcast Virtual Event

Diversity, Equity & Inclusion Series

Join David C. Banks, Chancellor of New York City Department of Education in conversation with Club Officer Ed Cox, as they will discuss the school system and how to build and maintain encouraging, diverse and safe learning environments for the children and families in New York City.

ECNY: Webcast Virtual Event

Diversity, Equity & Inclusion Series

We are honored to welcome Nancy Sims, President and CEO of the Toigo Foundation. With 30 plus years of experience in the financial services and nonprofit industries, Nancy will discuss the importance of a diverse workforce and how an increase in diversity of the organization across all levels, is imperative to the success of a company.

ECNY: Webcast Virtual Event

Author Series

Phil Gramm, American Economist and Former Texas U.S. Senator will virtually address our members. He will also discuss his new book "The Myth of American Inequality, How Government Biases Policy Debate."

ECNY: Signature Luncheon & Webcast

Signature Luncheon with David Malpass, President of The World Bank Group.

Developing countries are facing an unprecedented set of overlapping crises–the deepest global economic slump in 80 years, the worst food crisis in a decade, surging inflation, war in Ukraine, effects of climate change, and the continued negative effects of COVID-19. David will lead us in a conversation about the impacts on inequality and outline approaches that can help countries withstand these impacts, protect the poorest and most vulnerable, and restore economic growth.

ECNY: Webcast Virtual Event

Diversity, Equity & Inclusion Series

We are pleased to have Marc Norman, Larry & Klara Silverstein Chair in Real Estate Development & Investment, and Associate Dean of the Schack Institute of Real Estate at NYU join us in conversation with David C. Benson, President & Interim CEO, Fannie Mae. As a part of our DEI series, David will discuss ways to create a new roadmap for equity and sustainability for renters and homeowners in a fast-changing housing market.

ECNY: Webcast Virtual Event

Should corporations take position on social and political issues?

Join us fo a panel discussion with: H. Rodgin Cohen, Senior Chair, Sullivan & Cromwell LLP., Joele Frank, Managing Partner at Joele Frank, Wilkinson Brimmer Katcher, Tom Johnson, CEO of Abernathy MacGregor and Jeffrey Sonnenfeld, Senior Associate Dean and Lester Crown Professor at the Yale School of Management.

FORTUNE:  What Elon Musk, David Solomon, and other CEOs are saying about the likelihood of a recession–and how they’re preparing for it



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ECNY: Webcast Virtual Event

Sara Armbruster, President & CEO of Steelcase, will discuss ways in which technology can help businesses "earn their employee's commute" by supporting hybrid work models, establishing connections and designing a work environment that drives belonging and community.

FOX BUSINESS: Larry Summers warns inflation unlikely to fall without 'significant economic downturn'

"I think it is unlikely — very unlikely — that we will see inflation come down to target range without a significant economic downturn," Summers said Wednesday during a panel discussion hosted by the Economic Club of New York.


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ECNY: Webcast Virtual Event

The Economic Club of New York is honored to welcome back two of America's leading economists, R. Glenn Hubbard and Lawrence H. Summers, who will speak on the trajectory of monetary policy and its implications.

NY POST: Back-to-school spending expected to plunge from last year’s highs
Target chief executive Brian Cornell said this month that he will be closely monitoring consumer spending during the Fourth of July holiday weekend – how far consumers are willing to travel and how much they spend on food – as a gauge of the health of consumer. “July 4th weekend will be really important,” Cornell said during a presentation to the Economic Club of New York.

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ECNY: Award Dinner

Roger Ferguson and Stanley Fischer will be recognized as recipients of the 2022 Peter G. Peterson Leadership Excellent Award at a special dinner.

During their illustrious careers, both recipients served as Vice Chairs of the Board of Governors of the Federal Reserve among their many accomplishments in the public and private sectors.

The Award for Leadership Excellence was originally inaugurated in 2011 through a generous personal gift from the late Peter G. Peterson, former Chair and long-time Member of the Economic Club of New York. In 2021, the award was re-named to pay homage to its creator.

Past honorees include George P. Shultz, Paul Volcker, Alice Rivlin, Alan Greenspan, and Henry Kissinger.

Award recipient Roger W. Ferguson Jr. will address members at the event.

Yahoo! Finance: Target CEO on inflation, inventories: 'We are in an environment many of us haven't seen before'

Target (TGT) CEO Brian Cornell cited inflation and "historic highs with inventory levels" as he pulled back the curtain on his major decision to aggressively markdown inventory amid "an environment many of us haven't seen before" in remarks on Tuesday.

"I recognized after a few weeks of looking at our own stores, analyzing our business, looking at competition, and hearing from our team that we [had] to address this problem upfront," Cornell explained at an event held at The Economic Club of New York.

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