Fed's Mester could hint at June pause in speech later

Mester to speak at 1715 GMT (1:15 pm ET)

The Fed calendar today features Cleveland Fed President Loretta Mester, who will speak in Minnesota.

The topic of the speech is the economic outlook and monetary policy so she will surely wade into the rate hike debate. So far, officials haven't blinked despite six week of disappointing data.

Mester is a hawk but she's also very candid. Any sign of worries or disappointment should be interpreted as a hint at a pause.

After the speech, she will take questions from the audience and media after the speech.