More from Mester: Asset purchases are not doing as much as the used to

Comments from Mester

• Mester says QE not as effective as it used to be so they can slow down buying
• Fiscal policy is expected to be a drag next year but we'll have to see what happens
• If inflation is not consistent with Fed goals we'll take action
• Fed doesn't want to see inflation expectations move above levels of 2% over time
• Majority of higher inflation is caused by pent up demand and reopening of the economy