Loretta Mester, Interview: CNBC (print only, excerpts below)
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Fed Funds
“I see that we’re going to have to bring interest rates above 5%. We’ll figure out how much above. That’s going to depend on how the economy evolves over time. But I do think we have to be somewhat above 5% and hold there for a time in order to get inflation on a sustainable downward path to 2%.”
Jobs
“I do think that in this labor market, we can have both. We can have a healthy labor market and we can get back to price stability. But I also think it’s really important to know that if we want to sustain healthy labor markets over time, we have to get back to price stability.”