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Fed’s Mester: Fed is in the range of the neutral policy rate

Cleveland Fed President Loretta Mester, a voting FOMC member in 2018 and not rotating to a non-voting position in 2019, in an interview to CNBC was noted saying that the Fed should be data dependent and two hikes average forecast for this year depends on how the economy performs.

Additional quotes:

   •  Idea is to keep expanding the US economy, do not want it to overheat.
   •  Acknowledges downside risks to the economy.
   •  Market putting emphasis on downside risks.
   •  One or two rate hikes is about where we are seeing the economy now.
   •  We are in a good spot without policy.
   •  Fed has to take into account markets, business outlook.
   •  Fed trying to set policy based on where the economy is going, not where it is at.
   •  If we don't see inflation going up, we could stop hikes.
   •  Open to see where the economy goes on rate moves.
   •  No aggression to the rate of inflation at present.
   •  Fed is not behind or ahead of the curve.
   •  Fed is in the range of the neutral policy rate.

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