Incoming Cleveland Fed chief talks inflation measures

Set to take over the Cleveland Fed next week and (and become a voting member on the FOMC), Loretta Mester focuses on the importance of keeping inflation low and stable.

"We cannot have full employment over the longer run without price stability over the longer run."

Most of her speech is devoted to the best way to measure inflation and count her as not of fan of core CPI - she notes many of the components of the core are even more volatile than the stripped out food and energy. She notes the Cleveland Fed's measures of median inflation may be more informative than the core CPI.

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