Loretta Mester - Federal Reserve

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Last quote by Loretta Mester

I think that it's important for the FOMC to remain very vigilant against falling behind, especially given the low level of interest rates and the large size of our balance sheet.feedback
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May 18 2017
This page is completely dedicated to what Loretta Mester has to say. All of Loretta Mester’s quotes are organized here by date and topic. The most recent quote attributed to Loretta Mester came from an article called In U.S., French vote a relief to some Fed officials: “It alleviates some concern in terms of will you see developments in Europe that will then feed through back to the U.S. There is also a longer run issue about what does it mean for the integration of Europe - will it stay together - and I think that's more positive that it will sort of not be breaking apart.”.
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Loretta Mester quotes

In terms of our two monetary goals, it makes sense to move up the rate another 25 basis points. I think all meetings are on the table, and we're an apolitical institution. We are technocrats. I go in thinking about what's best for the economy in my view, and that's what I base my decision on.feedback

I think we're at full employment... It makes sense to move up the rate another 25 basis points.feedback

This is a solid number. This is very consistent with what we expected to see, certainly with my forecast.feedback

We have to be a little pre-emptive in making sure that we're moving the interest rate up so that we can keep the expansion sustained.feedback

Policymakers...should not throw out all that's been learned from past experience or be led astray by thinking this time is completely different.feedback

The underlying strength in the economy is demonstrated by the resiliency it has shown through a number of bumps along the road of expansion.feedback

In addition, if we delay too long and then find ourselves in a situation where the labor market becomes unsustainably tight, price pressures become excessive, and we have to move rates up steeply, we could risk a recession, a bad outcome that history tells us disproportionately harms the more vulnerable parts of our society.feedback

If we continue to delay even as we make further progress on our inflation goal and labor markets continue to tighten...and we have to move rates up steeply, we could risk a recession.feedback

The economic fundamentals of the U.S. economy remain sound.feedback

It seems like a gradual increase from a very low interest rate that we are at now is pretty compelling to me.feedback

I think the economy is on a good track. I think the employment numbers show that, I think the inflation's numbers are coming up slowly, they're below our target still but they're moving in the right direction.feedback

I go into the meetings with an open mind. I like to hear what my colleagues say, I like hearing diverse views about the economy. And of course, we all have our own forecasts and frameworks for doing policy.feedback

We'll have some strengthening in the second half of the year.feedback

I see a gradual upward pace in interest rates as being appropriate. Now, that doesn't mean we're behind the curve now. But I do think that it makes sense to be starting to move interest rates up on that gradual path.feedback

Payroll growth slowed considerably in May, raising the question of whether we were at the start of a reversal from the considerable progress that's been made in labor markets, or whether the weak reading was the type of transitory change we typically see during expansions.feedback

If our macroprudential tools proved to be inadequate and financial stability risks continued to grow, I believe monetary policy should be on the table as a possible defense. The Fed's key price stability and maximum employment goals usually align with its desire for a stable financial sector.feedback

Waiting too long increases risks to financial stability and raises the chance that we would have to move more aggressively in the future, which poses its own set of risks to the outlook.feedback

If we fail to gracefully navigate back toward a more normal policy stance at the appropriate time, then I believe there is a non-negligible chance that these tools will essentially be off the table because the public will have deemed them as ultimately ineffective. This is a risk to the outlook should we ever find ourselves in a situation of needing such tools in the future.feedback

You can't read too much into one number, but it is certainly part of the data that will be taken into account as we go into the June FOMC meeting and for the rest of the year.feedback

If our macro prudential tools proved to be inadequate and financial stability risks continued to grow, I believe monetary policy should be on the table as a possible defense.feedback

Some parts of the economy are doing better than others. But the message I take from U.S. economic performance is that despite financial market volatility, despite the pain inflicted on the energy sector from falling oil prices, and despite the relatively weak growth abroad, the U.S. economy has proven to be remarkably resilient.feedback

She understands arguments against hiking. We live with uncertainty and one could always make the case that we should wait to act until we gather more information. But waiting until every piece of data lines up in the correct way means waiting too long and risks having to move rates up more aggressively in the future, with negative impacts on our economy.feedback

These more likely reflect changes in liquidity premia and inflation risk premia rather than changes in inflation expectations.feedback

She believes "the appropriate policy path will involve gradual reductions over time in the extraordinary level of accommodation that was necessary to address the Great Recession.feedback

I would feel better if we could get a few more rate increases and not have to worry about the balance sheet. There's no compelling reason now to shrink the balance sheet.feedback

I'm pretty comfortable with the median path ... I think that's not a bad description.feedback

I don't see anything in the data that has changed the dynamics of inflation.feedback

I fully supported the ... December action. It was prudent to take the first step on the path of gradual normalization of interest rates.feedback

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