Name: Loretta J. Mester

Summary: The Economy and Monetary Policy: "Given my outlook that the economy will work through this rough patch and resume a trajectory of moderate growth, with continued improvement in labor markets and a gradual return of inflation to 2 percent, I believe the appropriate policy path will involve gradual reductions over time in the extraordinary level of accommodation that was necessary to address the Great Recession. Even as policy gradually normalizes, it will likely need to remain accommodative for some time to come, given some of the forces still impacting our economy — for example, slow growth abroad, dollar appreciation, more restrictive financial conditions, and the continued rebalancing of supply and demand in the energy sector."

Lean: Neutral

Substantially Similar to Prior Statements: No

Statement Date: February 19, 2016

Publication Date: February 19, 2016

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