Fed's Mester: Hiking rates now will prolong US economic expansion

Fed Cleveland's President Loretta Mester was on the wires last minutes, via Reuters, stating that the US economy has shown it is resilient to shocks.

Headlines (via Reuters):

• Says running economy hot is a risky strategy
• Would be unproductive to overheat labor market
• Fed credibility is very important to have effective policy
• Says consistency in Fed communications is important, has concerns
• One reason for Fed raising rates in sept was to show Fed is consistent in its communications