Loretta Mester, President and CEO of the Federal Reserve Bank of Cleveland
- says high frequency data and discussions with regional contacts indicate US economic activity slowed in recent weeks
- US reopening phase proved to be challenging and may be more protracted than many anticipated
- decline in economic activity has put downward pressure on inflation
- forward guidance on path of policy, asset purchases can provide further accommodation while rates at effective lower bound
- she expects unemployment rate to remain elevated at around 9% by end 2020, economic output to fall by 6% from end of 2019
