News Briefs

The Wall Street Journal reports that Cleveland Fed President Loretta Mester said Monday that an improving economy may mean that the Fed needs to raise rates more quickly than she previously expected. Mester also said that she expects above-trend growth this year and next year, and that the Fed should continue removing monetary policy accommodation to avoid risks to financial stability. WSJ

According to the Wall Street Journal, gas prices are heading for $3 a gallon, which would mark the highest prices in more than three years. Analysts expect that rising fuel prices could dent consumer spending elsewhere by an annualized $38 billion as consumers face higher prices at the pump. WSJ