In an exclusive interview with the Financial Times, a senior Federal Reserve official has sounded a note of caution, warning that financial markets might be getting ahead of themselves in anticipating early interest rate cuts in the coming year.

What Happened:Loretta Mester, the President of the Cleveland Fed, has pushed back on the prevailing market sentiment, suggesting that the central bank might not be in a hurry to reduce borrowing costs. Mester's statements echo the sentiments expressed recently by two other Federal Reserve Open Market Commitee (FOMC) voting members for 2024, namelyJohn Williamsof the New York Fed...