Fed's Mester: We are not in a recession now but recession rates have increased

Cleveland Fed Pres. Loretta Mester

Cleveland Fed Pres. Loretta Mester speaking and says:

We’re are not in recession right now
Recession risks have gone up though
There is still path to soft landing
We have to take supply constraints as a given as they are likely to remain for some time
I don’t use yield curve as a strong indicator of where the economy is going
Given size of balance sheet, we should discuss selling some MBS
policy is working on the demand-side
but that moderating demand is not yet impact inflation
needs to see several months of inflation coming down
Firms still struggling to find workers

The comments are similar to ones made on Tuesday. Below are some of the things Mester said during a Washington Post interview:

she does not believe we are in a recession
US labor market is very healthy right now
We have not seen inflation cool at all
Growth will be below trend this year
The Fed is committed to bring inflation under control
we are starting to see slow down in investment, consumer spending and housing
Wants to see inflation to move down on a sustainable basis
we need to make sure inflation expectations don’t become entrenched
haven’t seen anything that suggests inflation even leveling off yet
I think will see some increase in unemployment as we go through the cycle but we need that to happen to make sure we get back to price stability
we have a narrow path to not sparking a large rising layoffs