Fed's Mester: May take couple months to see uptick in U.S. prices

Loretta Mester, President of the Federal Reserve Bank of Cleveland, recently crossed the wires, via Reuters, with the key quotes found below:

• Repeats support for gradual U.S. rate hikes despite weak inflation
• Inflation weakness due to 'special factors,' not 'general downward trend'
• May take couple months to see an uptick in U.S. prices
• Three rate hikes per year appropriate to avoid overheating, reach-for-yield
• Expects further rate hikes, bond run-off as the economy grows somewhat above 2 pct rate