Fed's Mester says will assess extent of credit tightening at the May FOMC meeting

Federal Reserve Bank of Cleveland President Loretta Mester in an interview.

Mester spoke earlier:

• Fed's Mester: Inflation is still too high. Fed has more work to do
• More from Mester: Fed has come a long way in tightening monetary policy

More now:

• Growth will be slow this year, well below trend
• Banking industry is strong, resilient and sound
• Will assess at May meeting how big and how long credit tightening may be

• Will evaluate peak funds rate at May meeting

• Need to get rate above 5% to meet 2% 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 goal

• How much higher than 5% rates will need to go, and how long will need to stay there, will depend on the economy

• Don't want to give a decision now on May move until the meeting