Fed's Mester Urges Acknowledgment of Economic Uncertainties

Cleveland Fed President Loretta Mester, nearing mandatory retirement, emphasized the importance of acknowledging uncertainties in economic forecasting and policy. Reflecting on nearly 40 years at the Federal Reserve, Mester noted that while transparency has increased, the Fed cannot predict future economic conditions with precision. She stressed that central bankers should adapt their policies as the economy evolves, especially in the unpredictable post-pandemic landscape.