Fed's Mester repeated the economy is doing "very well,"
Fed's Mester repeated the economy is doing "very well," in her comments on "The Outlook for the Economy and Monetary Policy." Growth has been above trend over the last couple of years and could be around 3%, and labor markets continue to be "very strong." And inflation, after trending below target, has moved up and has been "relatively stable around the FOMC's 2% objective." She sees slower growth in the area of 2% to 2.5% this year, with inflation holding near 2%. She's recently been advocating for a wait-and-see approach, and she said agin in her text that "While the unemployment rate is lower than the level that is sustainable in the longer run, inflation is near 2 percent and does not show signs of appreciably rising. In my view, monetary policy does not appear to be far behind or far ahead of the curve. This environment gives us the opportunity to continue to gather information on the economy and assess our forecast and the risks, before making any further adjustments in the policy rate." Mester is not a voter and is becoming more of a centrist than a hawk now.