Fed's Mester: Economy continues to perform well
Loretta Mester is President of the Federal Reserve Bank of Cleveland.
- said she opposed the rate cuts in September and July
- but is happy to maintain those lower rates "for a while"
- her outlook is generally bullish
- notes global weakness and recent signs of a slowing US manufacturing sector
- but … "the data indicate that the economy continues to perform well along a number of dimensions"
- notes low unemployment, rising wages and strong consumer spending
Said its "not too difficult to envision firms cutting capital spending and hiring … undercutting households as a result
- But "on balance, I continue to expect that we will avoid a more serious turndown in the economy"
There will also be Q&A to follow