Loretta Mester, Federal Reserve president, also said this:
Federal Reserve president says country needs more immigration to save economy
- The U.S. economy faces higher deficits, reduced government benefits and near-zero interest rates unless policymakers get their act together soon, Cleveland Fed President Loretta Mester says.
- Mester also says government needs "policies that increase immigration, not reduce it," a seeming criticism of the Trump administration's approach.
- Mester will be a voting member on the Federal Open Market Committee next year.
She also said they're going to increase interest rates another 6 times this year because of extreme inflation caused by the tariffs and high gas prices.