Fed's Loretta Mester speaks in Cleveland

  • Fed policy isn't behind the curve, waiting too long has risks
  • Fed will still be accommodative for some time
  • Underlying economic fundamentals remain sound
  • It's appropriate to gradually lower accommodation in 2016
  • Sees low inflation in 2016 which will move to 2% over the next couple of years
  • Economy to grow at 2.25-2.5% this year

Nothing of any real note here.