Fed’s Mester: Rates on gradual upward slope, timing of moves data-dependent

Speaking at a financial stability conference in Sydney today, Cleveland Fed President Loretta Mester commented on the US labour market and monetary policy.

Key Quotes:

“Financial stability should not be a third mandate for FED”

“Central banks should only care about financial stability if it affects health of real economy”

“Positive on US jobs market”

“Comfortable not behind curve on rates”

“Rates on gradual upward slope, timing of moves dependent on data“