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The Fed wants to be deliberately patient with monetary policy – Loretta Mester

In an interview with CNBC on Friday, Cleveland Federal Reserve Chair Loretta Mester said the May jobs report was solid and noted that progress continues in labor matters, as reported Reuters.

Featured statements

“I would like to see more progress.”

“Further substantial progress does not necessarily mean returning to pre-pandemic levels in the labor market.”

“There are several factors that affect the supply of labor, including health problems and child care.”

“As the schools reopen, the people who had to stop can come back.”

“People had the ability to make decisions or stop because they had the support of unemployment benefits.”

“At this point, we are nowhere near the point where wage gains feed core inflation.”

“It is not my baseline that wage gains will fuel higher inflation, but I am watching closely.”

“The Fed wants to be deliberately patient with monetary policy.”

“The Fed seeks and bases its policy decisions on the results.”

Market reaction

The US Dollar Index remains on the defensive after these comments and was last seen shedding 0.46% on the day at 90.08.

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