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Meister said she opposed the Fed's rate cuts in July and September, but was happy to "temporarily" keep interest rates low to support inflation.
She is optimistic about the overall outlook.
Despite the weak global economy and recent signs of a slowdown in manufacturing in the United States, "the data show that the economy continues to perform well in many ways," especially low unemployment, rising wages and strong consumer spending, Meester said in a speech at John Carroll University near Cleveland.
Like other Fed officials, Meester has been assessing whether the impact of Global trade tensions, accompanied by a decline in corporate investment and a slowdown in global and U.S. growth will lead to a worse economic downturn.
"The question is whether the economy can remain resilient," she said. Although it is "not hard to predict" that companies will reduce capital expenditure and recruitment activities, thereby weakening household finances, "overall, I still expect the economy to avoid a more severe downturn," and the economy will continue to grow over the next two years, while the unemployment rate will remain below 4%.
Some U.S. officials have argued that further interest rate cuts are needed to push inflation closer to the Fed's 2% target. But Meester points out that she believes that "as long as the job market remains strong, cyclical inflation should continue to strengthen and help overall inflation gradually recover" to the target level of the Federal Reserve.
The Federal Reserve cut interest rates twice this year in July and September, with the target range adjusted to 1.75-2%. Investors expect at least another 25-basis-point cut before the end of the year.


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