Loretta Mester, President and Chief Executive Officer of the Federal Reserve Bank of Cleveland spoke earlier:
- Fed's Mester says economy is still far from the Bank's employment goal
- More from Fed's Mester - not concerned about inflation getting too high
More again from Mester, remarks to media following here earlier speech and Q&A (Headlines via Reuters)
- says US economy will grow by 6% or more this year and unemployment rate will drop to 4.5% or lower by year-end
- labor market conditions will improve if there is not a surge in virus variants resistant to vaccines
- vaccinations, school reopenings and child-care will be important to getting people back to work
- economic growth will be strong in second half of year
- economy has a long ways to go and it will take time to get back to a broad-based sustainable recovery
- prices are going to stabilize or come down as supply chain disruptions are solved