U.S. President Joe Biden and congressional leaders reached a tentative deal on raising the debt ceiling.
Cleveland Federal Reserve President Loretta Mester told CNBC on Friday that she expects more interest rate increases will be needed as inflation stays elevated.
"When I look at the data and I look at what's happening with the inflation numbers, I do think we're going to have to tighten a bit more," Mester said on "Squawk on the Street." "We've made progress. Now it's this calibration exercise, and that's what's difficult."8:39 AM EDTThe core personal consumption expenditures index, the Fed's preferred gauge of inflation, rose 0.4% in April.
Odds for a quarter percentage point increase jumped to 56%, according to CME Group data. That followed a report showing that personal consumption expenditures pricesThe chances of an increase were just 17% a week ago. The probability of a hike by no later than July rose to 75%.The final reading on May consumer sentiment was slightly above expectations. The University of Michigan'sTo be sure, that level is well below April's 63.5.
"Consumer sentiment slid 7% amid worries about the path of the economy, erasing nearly half of the gains achieved after the all-time historic low from last June. This decline mirrors the 2011 debt ceiling crisis, during which sentiment also plunged," Surveys of Consumers director Joanne Hsu wrote.
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