Fed’s Mester:
Fed has made slow progress on inflation. It’s concerning
Says she may have to revise up her inflation projections in the next SEP in June
Data confirms inflation is still too high
PCE inflation underscored slow progress
Everything is on the table for June FOMC
Fed committed to lowering inflation in a timely way
Hasn’t seen much sign that banking stress is affecting credit conditions
Says she does think they will have to tighten ‘a bit more’