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Cleveland Fed's Mester affirms that the Fed’s job is not done

Yahoo Finance's Brian Cheung recaps his conversation with Cleveland Fed President Loretta Mester, plus describes what it's like at the Federal Reserve's Jackson Hole Symposium.

Video Transcript

[AUDIO LOGO]

BRIAN CHEUNG: A bit of somber commentary from the Cleveland Fed president there, essentially saying what we already heard from the Fed chairman earlier today, that the Fed's job is not done on quelling inflation, and it's going to involve more interest rate hikes and perhaps more pain to business and households to get ahead of that. If the Fed waits any longer, that pain could only get worse, which, I guess, justifies their efforts to move very quickly on all of this, guys.

DAVID BRIGGS: Yeah, it's a tough balancing act, isn't it? To her point, there is a lot of pain now with inflation, but people have jobs. And now we're talking about an unemployment rate reaching between 5% and 7%. That is significantly more pain than we are enduring right now.

But Brian, I want to get a little color from you. We always get color at the Woodstock for Capitalists, Warren Buffett's shareholder meeting, because we see the See's Candy and the Cherry Coke. What's the color there that we're not seeing on camp?

BRIAN CHEUNG: [LAUGHS] Well, in terms of the color on the ground here, it's a lot of Earth tones. I have my kind of bucket hat here--

DAVID BRIGGS: Yes!

BRIAN CHEUNG: --on scene to kind of fit the theme. I actually had my camo earlier today, but it heats up, people forget that, out in the mountains here. It's about 40 degrees in the morning, which makes those 7:00 AM hits that we do pretty brutal here. I had my whole fleece for the morning shots, but it's actually heating up quite a lot. It gets up to about 80 degrees here.

But we're right outside of the Jackson Lake Lodge. Right inside, there's some great eateries. There's a kind of a never-ending countertop, 1950s-like diner where I had a taco salad. So a lot of fun because all of this is happening with some of the world's most powerful policy makers just walking around.

I saw Jay Powell yesterday walking around with his hiking boots. That's the type of thing that you see every year at this conference. So to have it back on is definitely nice after two years of the pandemic. But I did have to dig this out of my closet. This is not usually in my repertoire, guys.

DAVID BRIGGS: It's a darn good look for you, Brian Cheung. Excellent job--

BRIAN CHEUNG: Thank you.

DAVID BRIGGS: --with Loretta Mester, and we'll check back with you later in the program. A great look for Mr. Cheung.