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Fed Policy Is In A Good Place To Assess Data - Mester

FED
  • (MNI) - Cleveland Federal Reserve President Loretta Mester said Wednesday there has has been progress on inflation and monetary policy is in a good place to assess incoming data amid an uncertain outlook, but she left open the possibility that the Fed's policy rate may have to go higher.
    • "Monetary policy is in a good place for policymakers to assess incoming information on the economy and financial conditions and judge whether policy is well calibrated to ensure that inflation is on a timely path back to 2%," she said in prepared remarks.
    • "Whether the fed funds rate needs to go higher than its current level and for how long policy needs to remain restrictive will depend importantly on whether the economy is evolving as expected, how the risks are changing, and the progress being made on our dual mandate goals of price stability and maximum employment," she said.
  • Mester noted that inflation has run well above the central bank's 2% goal for more than two years. "While it is still above our 2% goal, there has been discernible progress on inflation even while the overall economy has remained relatively strong. It will take some time to get inflation back down to 2%, but the FOMC is committed to doing so."
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