Bland.
Loretta Mester takes over from Sandra Pianalto on Sunday. Throughout her term Pianalto made very few waves and Mester didn’t make any in her first speech. This is about as far as it waded into monetary policy:
“We cannot have full employment over the longer run without price stability over the longer run,” she said according to prepared remarks to a conference at the Cleveland Fed.
“The more we understand inflation dynamics, the more we will understand how inflation will respond to changes in monetary policy,” added Mester.
Mester immediately gets a vote at the next FOMC meeting and she’s joined by Fischer and Brainard who were confirmed last week as governors.
What’s interesting is that Mester comes from the Philly Fed, which is led by uberhawk Charles Plosser.
