Federal Reserve Bank of Cleveland President Loretta Mester said the central bank is unable to do much about slow long-term economic growth but can “do its part” by curbing inflation.
“While monetary policy cannot affect the economy’s long-term growth rate, it can do its part by returning the economy to price stability, which is necessary for the longer-run health of labor markets, the financial system, and the overall economy,” Mester said in the text of a speech in Dublin Tuesday.
