Comments from Cleveland Fed President Mester:
- Benefits of beginning rate hikes will soon outweigh benefits of delaying
- Gradual rate rises would not derail economic expansion
- Soft Q1 data likely transitory
- Expects about 3% avg economic growth from Q2 through the end of 2016
- Reasonably confident inflation will rise to 2% goal by late 2016
- Economy nearing full employment
Mester is a hawk so her comments don't come as a big surprise.