More from Mester: The risk of recession has increased, but the Fed must lower inflation

Earlier from Federal Reserve Bank of Cleveland President Loretta Mester speaking in an interview with Bloomberg TV:

• Fed's Mester says inflation too high but rate hike decision does not need to be made yet

More now:

• risk of a recession has increased, but the Fed must address inflation
• the Fed must stay the course to reduce inflation
• Fed needs to use its tools, inflation is much too high
• getting price stability will bring some pain