Inflation will not fall to 2% target for two years, says Fed's Mester

Cleveland Federal Reserve Bank President said she was not predicting a recession despite slowing growth

Cleveland Federal Reserve Bank President Loretta Mester said it will take two years for inflation to fall to the central bank's 2% target, adding that it will be "moving down" gradually from the current level.

A surge in inflation, which is at its highest level in 40 years, has made hawks of nearly all Fed policymakers, only one of whom dissented earlier this week against what was the central bank's biggest rate increase in more than a quarter of a century.

"It isn't going to be immediate that we see 2% inflation. It will take a couple of years, but it will