Fed's Mester speaking on CNBC

Mester
  • We need more jobs reports like March jobs reports
  • Still 8.5M jobs below the pre-pandemic levels
  • The economic outlook is brightening
  • The support from fiscal and monetary policy should lead to a strong 2nd half
  • The question becomes are we a maximum employment and is inflation above are 2% goal. Still far from policy goals
  • We need to be very deliberately patient on monetary policy
  • Expect high inflation readings in the next few months, but they won't be sustained.
  • Are the higher inflation going to be sustained? My guess is no. The price increases from supply constraints are not going to be sustained.
  • Higher inflation moderately above 2% is going to be a positive
  • Don't have concerns that inflation is going to run away from us
  • Higher prices from supply-side issues could last 6 months or so
  • Not concerned with the rise in bond yields
  • The Fed will continue to support the economy will