Cleveland Fed President: 'People Expect Inflation to Remain High over the Next Year' and That's Feeding Salary Demands, Price Setting

On Thursday's broadcast of CNBC's "Squawk Box," President and Chief Executive Officer of the Federal Reserve Bank of Cleveland Loretta Mester stated that, based on "nationally-representative" surveys done by the bank's Center for Inflation Research, "people expect inflation to remain high" and "well above 2% over the next year," and this is now feeding salary demands and price setting, which is helping make inflation more persistent.