More from Cleveland Fed Pres. Mester in question and answer:
- Is seeing some slowing in the economy, but it's rebalancing.
- Disinflation can happen despite economic strength
- Does not think the neutral rate will be as low as it was
- Expects slower employment growth, slight uptick in the unemployment rate.
- Healthy labor markets should remain in place.
- Average family still struggling with inflation, explains sour consumer mood
- Fed doing a lot of work to make sure banks ready for discount window.
- Banks commercial real estate risks are manageable
US stocks are lower but off their lowest levels as well:
- S&P index on -51.17 points or -0.98% at 5192.39. The 100 hour moving average is at 5198.76.
- Dow industrial average average is down -463 points or -1.17% at 39103.40
- NASDAQ index is down -214 points at 16182
US yields are mixed and off their highest levels:
- 2-year yield 4.695%, -2.3 basis points
- 5-year yield 4.346%, +0.9 basis points
- 10-year yield 4.359%, +3.0 basis points
- 30-year yield 4.505%, +3.8 basis points
