Fed's Mester: Economic expansion is firmly in place, labor market is strong

Speaking at the American Economic Association conference, Cleveland Fed President Loretta Mester said that the economic expansion was firmly in place and the labor market was strong.

Key quotes (via Reuters)

Expect U.S. inflation to sustainably rise to 2 pct goal over next couple years.

Legitimate to study alternative inflation-targeting frameworks, though not endorsing a change.

• No comments on rate hikes or U.S. tax policy in prepared remarks.