Fed's Mester (hawk, FOMC voter): pace and timing of rate hikes are data dependent; do not think the Fed is behind the curve - speech in Sweden
- still looking over the May jobs report, but don't think it will alter outlook; believe we are at full employment
- remain confident that growth is picking up
- there is a risk of waiting too long on rates, which would mean raising rates more aggressively later on; a gradual tightening cycle is best
- current environment has many uncertainties
- UK Brexit vote remains a source of uncertainty
- interest rate policy should only be used to fight financial instability if other tools fail; monetary policy should be the last resort for dealing with bubbles