Fed's Mester
She says:
- Dont' want to over-react to weak inflation when more data will arrive before September FOMC
- Fed telegraphed gradual rate hike path. Bulds in spats of volatility in data
- Watching easy financial conditions, but not directly responding to it with policy
- Factors are in place for US inflation to rise
- Dollar partially reflects trading partners doing better
- She'll be scrutinizing inflation data
- Instinct says inflation reflect idiosyncratic causees
- Stock market partially reflects earnings and low rates
