Loretta Mester is President of the Federal Reserve Bank of Cleveland

From Q&A with media now:

  • says she does not want to overreact to volatility in the financial markets while still taking them into account.
  • says she's seen volatility in the markets before and you can't be overreacting to short-term movements
  • economic impact of coronavirus outbreak depends on how deep and long-lasting it is
  • she does not believe the fed could get behind the curve on the coronavirus
  • says her business contacts so far say that impact of coronavirus is only on the supply side, no downturn in demand
  • she thinks the US is "pretty much at full employment"
  • says a standing repo facility may be useful
Loretta Mester  is President of the Federal Reserve Bank of Cleveland