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Fed’s Mester: Fed's wait-and-see approach on rates 'well-calibrated' to economic outlook

Cleveland Federal Reserve (Fed) President Loretta J. Mester is on the wires now, via Reuters, making her scheduled speech on the central bank’s monetary policy and economy.

Mester noted that Fed's wait-and-see approach on rates remains 'well-calibrated' to the outlook while adding that the Fed is neither far behind nor far ahead of the curve.

Additional Quotes:

“If the economy performs along the lines that I’ve outlined as most likely, the fed funds rate may need to move a bit higher than current levels.

If some of the downside risks to the forecast manifest themselves, and the economy turns out to be weaker than expected and jeopardizes our dual mandate goals, I will need to adjust my outlook and policy views.”