Fed's Mester: rates should stay high for longer

Fed Mester said, short-term inflation expectations have risen; interest rates should remain high for a longer period of time; it is too early to conclude that the process of inflation fallback has stalled; the data show that the Fed's inflation target is facing increased risks; the need to collect more price data in the "next few months"; the recent data show that the job market faces Recent data suggest that risks to the job market have diminished; it will take longer to be confident that inflation is moving back toward 2%.