Fed's Mester renews call for U.S. rate hike

The Federal Reserve should begin to hike rates because the U.S. economy has virtually reached full employment and inflation is gradually rebounding, a top Fed official said on Thursday. Repeating a message she has delivered for months, Cleveland Fed President Loretta Mester said delaying the long-anticipated policy tightening only risks having to hike rates aggressively down the line. Mester, who also said she recently edged down her prediction for "neutral" long-run interest rates, is in the ha