In an interview with CNBC on Friday, Cleveland Federal President Loretta Mester said that it is important not to wait too long to cut interest rates, per Reuters.

Key takeaways

"Latest inflation data has been welcome news."

"We are starting to see inflation move down again after stalling."

"We need to see inflation fall more from current levels."

"It is clear monetary policy is affecting economy."

"Neutral interest rate moves around all the time."

"Want to see a few more months of ebbing inflation data."

"We are in a good position with monetary policy."

The labor market is still very strong."

"FOMC is doing good work understanding, forecasting economy."

"Politics does not come into FOMC debates."