Fed's Mester Fed is not anywhere near stopping rate hikes

Fed's Mester is on CNBC. She is a voting member in 2022 but not in 2023:

• Makes sense to slow down a bit the pace of rate hikes
• Can it now be very deliberate in setting policy
• Need to be more judicious and bouncing risks
• Not anywhere near to stopping rate hikes though
• We've had some good news on inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term front
• need more good news on inflation and sustained good news
• Very grateful we are seeing some encouraging signs on inflation
• Question is how do we calibrate policy to get back to 2% inflation goal
• Getting back to 2% will take some time
• I do think we need to get into restrictive territory. Right now we are barely there
• Rate path will depend on the economy
• We are moving into a different cadence on the policy, letting data guide us
• I will be listening to my contacts, as their feedback is more forward-looking
• I think we can slow down from 75 at December meeting
• But we need to let economy tell us going forward the pace of hikes after that
• if we don't see meaningful progress on inflation next year, we will need to react
• Journey back to 2% will have some pain involved
• Very much monitoring balance sheet runoff impact on financial market functioning
• Does not have a recession in her forecast

US stocks are heading toward the close. The major indices are down on the day with the Dow industrial average outpacing the weaker S&P and NASDAQ indices:

• Dow industrial average -19 points or -0.05%
• S&P index -12.8 points or -0.32%
• NASDAQ index -107 points or -0.96%
• Russell 2000-14.17 points at -0.77%