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- Cleveland Fed president Mester: Fed is looking for and basing policy decisions on outcomes - CNBC
Cleveland Fed president Mester: Fed is looking for and basing policy decisions on outcomes - CNBC
- Says May employment report was solid but she wants to see further progress
- Notes that the participation rate has only made it halfway back
- Substantial further progress doesn't necessarily mean returning to pre-pandemic levels in labor market
- There are several factors affecting labor supply including health concerns and child care
- Says she's focused on prime-age workforce participation because of acceleration of retirement during pandemic
- Fed wants to be deliberately patient with monetary policy
- Fed will discuss policy stance as economy continues to improve
- Fed is looking at what the data says and not just the forecast
- Some valuations in stock market look higher than can be supported by fundamentals but Fed's policy is not driving that
- Treasury market had issues at start of the pandemic and Fed is looking at longer-term issues
- Expects to see progress continue to be made on the employment front
- The key point is Fed is attuned to the risks on upside and downside
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