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