Loretta Mester Says Fed Doesn't Want to Surprise Markets

The transcript discusses the challenges of economic forecasting, highlighting the uncertainties and wide error bands in predictions related to growth, inflation, and unemployment. It emphasizes the need for transparency in policy-making and the importance of not being deterred by uncertainty. The labor market is examined, noting the impact of demographics, technological changes, and globalization. The need for effective worker training programs is stressed. Finally, the transcript touches on market expectations and the importance of clear communication from the Fed to avoid surprises.

What is the speaker's forecast for interest rates based on the current economic conditions?

What challenges does the speaker identify regarding job transitions for workers?