“If we delay too long and then find ourselves in a situation where the labor market becomes unsustainably tight, price pressures become excessive, and we have to move rates up steeply, we could risk a recession, a bad outcome that disproportionately harms the more vulnerable parts of our society,” she said.
“I view a small step up in interest rates as appropriate—not because I want to curtail the expansion, but because I believe it will help prolong the expansion.”
Mester also lauded the region for its economic diversification, aiming it less vulnerable to major swings in the economy. She also said the the region’s well-educated work force is a draw to new businesses—some of which are already raising wages in the competition for talent.
Mester said she expects new growth in the energy field locally, as recent oil price hikes indicate the global energy glut is abating. The local “investment in human capital” made by universities and trade training programs will enable more individuals to take advantage of the increasing opportunities.
For that she also thanked people like Williams, Fitzgerald, the business and foundation community.
“Effective leadership has also been a driver in the region’s success,” she said.
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