Fed’s Mester says further progress needed before central bank reduces support

FILE PHOTO: Cleveland Fed President Loretta Mester speaks on a panel in New York
FILE PHOTO: Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson/File Photo

June 4, 2021

(Reuters) – While employment metrics may not fully return to pre-pandemic levels, further progress is needed before the Federal Reserve might begin to withdraw some of the support it is providing to the economy, Cleveland Fed Bank President Loretta Mester said on Friday.

“We want to be deliberately patient here because this was a huge, huge shock to the economy,” Mester said during an interview with CNBC. “Bottom line, I would like to see further progress than where we are right now.”

(Reporting by Jonnelle Marte)