Fed's Mester: Delaying rate hikes for too long risks recession

Loretta Mester, President and CEO of Federal Reserve Bank of Cleveland, crossed the wires in the last minutes, via Reuters, arguing that delaying rate hikes for too long would risk recession.

Key quotes:

• Further rate hikes will be needed if economy evolves as expected
• I'm comfortable with changing Fed's balance sheet policy this year
• Once we decided on a plan for balance sheet, should stick to it and use rates to respond to economic outlook