Jerome Powell Photographer: Andrew Harrer/Bloomberg

Federal Reserve Bank of Cleveland President Loretta Mester said the case for raising interest rates is “pretty compelling” given the economy’s strength, reinforcing expectations that the central bank will boost borrowing costs at its next meeting in September.

“We have an economy that’s growing above trend, we have low unemployment and we have inflation at basically our goal of 2%,” Mester said in a Bloomberg Television interview with Michael McKee on Friday as the central bank’s annual policy symposium in Jackson Hole, Wyoming, gets under way. “This gradual increase in rates seems to be a very compelling case right now, given that we are accommodative still on monetary policy.”

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