Fed will be 'patiently accommodative,' Mester says on Bloomberg TV

Jan 7 (Reuters) - The Federal Reserve's current monetary policy stance is "well-calibrated" and does not need to react to short-term changes in markets or inflation, Cleveland Fed President Loretta Mester told Bloomberg TV on Thursday.

Fed policy, because it works with a lag, "is going to be more patient than what a gyration in the bond yield would be or what a gyration in some of the economic data would be," Mester told Bloomberg TV. "We are going to be patiently accommodative and of course we will recalibrate as necessary."

(Reporting by Ann Saphir; Editing by Leslie Adler)