Fed's Mester: Economic activity is leveling off

Mester on CNBC:

• The virus is going to be a determinant of all this
• It will be a long road back to where we were in Feb
• We expect accommodative monetary policy for some time
• Economic activity leveling off and resurgence of cases makes people more cautious

'Leveling off' is exactly the term that Bostic used so that's starting to look like an unofficial Fed talking point. I don't think the market will like it when it hears that language from Powell or in an FOMC statement.