Fed's Mester: Waiting too long has risks

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
• US should be more attentive to economic inequality
• Does not see need for more accommodation.

Nothing of any real note here.