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<p>More from Federal Reserve Bank of Cleveland President Loretta Mester.</p><p>Earlier:</p><ul><li><a href="https://www.forexlive.com/centralbank/feds-mester-right-now-the-fed-needs-to-be-focused-on-getting-inflation-down-not-jobs-20221006/" rel="follow" target="_self" class="vertical-align-baseline">Fed's Mester: Right now the Fed needs to be focused on getting inflation down, not jobs</a></li></ul><p>More:</p><ul><li> Balance sheet runoff equates to about 50 basis points of tightening over time</li><li>Inflation is really hurting a lot of people</li><li>Right now inflation is the big risk</li><li>I see more persistence in inflation and see rates rising higher than the median of fed policymakers</li><li>We have more work to do to get inflation on 2% path</li><li>We don't quit until we get inflation down to 2%</li><li>Selling some MBS eventually would be a good thing in my view</li><li>Money supply is not a key thing I look at, hasn't been a reliable indicator of inflation</li><li>Fed will use its tools to get to inflation target, don't need fiscal policy to tighten to make that happen</li><li>We will keep at it until we do so</li><li>It's going to take a while to get inflation down</li><li>We will not be cutting rates next year at all</li></ul><p>----</p><p>Mester going fully gung-ho, nominates herself as more hawkish than many other FOMC members. </p><p>USD/JPY update, back above 145. I commented earlier on intervention risks above 145 and how a test to 145.70 looks nevertheless inevitable. </p><ul><li><a href="https://www.forexlive.com/news/usdjpy-not-showing-much-response-to-the-data-straddling-451-20221006/" target="_blank" data-article-link="true">USD/JPY not showing much response to the data, straddling 145</a></li></ul>

                This article was written by Eamonn Sheridan at forexlive.com.