Loretta Mester, Interview: CNBC

“So then we have to ask, okay, we’ve got to moderate both the labor market and product markets, if we’re going to get inflation back down. At some point, once we get real rates up, and we see more of that moderation demand, you’re exactly right. Then there’s some trade offs, and then you need to be concerned, have you gone too far, or is this a good place to stop? We’re not at that point yet. Inflation is still a 40-year high, so right now, the conversation has to be, we have to do what we must do to get back to price stability because we can’t have a healthy economy, we can’t have good labor markets over time, unless we get back to price stability.”