The Fed has more work to do in taming inflation and the key interest rate needs to move up to above 4% by early 2023 and stay there, Cleveland Federal Reserve Bank President Loretta Mester said on Wednesday, in a message that could further drive down oil prices. The Fed’s current target policy rate is in the 2.25%-2.5% range, after two consecutive hikes of 75 basis points, or 0.75%. Markets fear that aggressive interest rate hikes from central banks, including the Fed, would slow down economies – and oil demand…
