Cleveland Federal Reserve president Loretta Mester has criticised the size of the Fed’s recent rate cut in a public statement.

The Federal Open Market Committee reduced policy rates by 100 basis points to 0-0.25% on March 15. But Mester, a voting member of the committee, said the Fed’s rate-setters should have cut rates by 50bp to save ammunition.

The FOMC could have made further cuts when the financial markets stabilised and the economy was recovering.

“When markets are not functioning well