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U.S. Fed board member says 75bp rate hike on table in autumn

Comment comes as U.S. faces highest inflation in around four decades

Cleveland Federal Reserve President Loretta Mester says it is too soon to say whether U.S. inflation has peaked.   © Getty Images

NEW YORK/WASHINGTON -- After years of loose policy, the U.S. Federal Reserve began raising its benchmark overnight lending rate in March and lifted it again this month by half a percentage point -- its biggest hike in more than two decades.

Fed Chair Jerome Powell signaled after the Federal Open Market Committee gathering on May 4 that similar increases are likely at upcoming meetings as the U.S. faces its highest inflation in about 40 years.

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