Fed's Mester: Fed needs more evidence economy is progressing as expected

Federal Reserve (Fed) of Cleveland President Loretta Mester gave her perspective on the Fed rate outlook during a televised interview with Bloomberg.

Key highlights

• Fed is not "there" yet on rate cuts, want more evidence that economy is progressing as expected.
• Fed's current evaluation is for how much longer rates to be kept high, policy kept restrictive.
• Inflation has to be coming down on a "sustainable basis" before rate cut conversation can happen.
• Fed needs to calibrate policy to achieve a soft landing.