02:48 PM EDT, 04/04/2024 (MT Newswires) -- While inflation progress continues, more evidence is needed before the Federal Open Market Committee can consider rate reductions, Cleveland Federal Reserve President Loretta Mester said Thursday in an interview with the Global Interdependence Center.

Mester said that she would like to see "a couple more months" of convincing inflation data to be comfortable making a decision and that she is not there yet.

However, if the economy does evolve as expected, Mester said that it would be appropriate to consider rate decreases "later this year."

Mester added that the FOMC is "in a good position" to act as needed, or not act, depending on how quickly inflation slows or if the labor market part of the mandate deteriorates rapidly.

On the timing of rate reduction, Mester said that politics does not play a role and that the fact that this is an election year is not relevant to the Fed's decision-making process.

Mester votes on the Federal Open Market Committee in 2024 before her planned retirement in June.