Fed’s Mester: it’s appropriate to raise rates

• Looks at the path of interest rates. Thinks that path is to higher rates

• Does not mean every meeting is a hike

• Fed perhaps not communicating as well as it could

• Economy is still on track for pickup growth, inflation rising and employment falling

• Appropriate to raise rates but not giving an exact number

• There is a potential for instability in environment for potential bubbles.

• Not saying there is a bubble in the stock market

• Commercial real estate is a little bit frothy, but not an imminent problem

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