However, not all at once. She said that "We are currently in a recalibration stage for monetary policy" and added that the Fed's goal was to keep inflation under control as well as to maintain expansion and maintain healthy labour market conditions.

Additional Comments:

"Markets are reading the exact same data as we are."

"We must be determined to bring rates up to neutral."

"I would like to see the neutral rate of 2.5% before the end of this year."

"Once the neutral rate is reached, the Fed will have a 'good position to evaluate the economy."

"Things other that monetary policy can affect inflation"

When Mester was asked about the 75 bps point increase, Mester replied that "we don’t need to go there".

"I would rather be more deliberate and intentional."

"I support a 50-bps increase in May, and at a few additional meetings thereafter."

A large move towards the federal funds rate is not the best way to go.

"I would rather be more consistent."

"Once we reach neutral, rates will go based on how the economy performs."

"Let's follow a methodical and not aggressive path."

"It is unnecessary to shock the market with a 75 bps rate increase."

"I favor 50 bps increases earlier in the rate hike path."

"My prediction is that economic growth will slow to below 2% in this year."

"I'm confident that we can keep inflation down and the expansion going."

"The risk of inflation is so high that it's impossible to expect inflation."

"It is important that the Fed follows through with rate increases."

"I want to be deliberate and intentional and get to neutral quickly by the end of this year."

"It will take some time to get inflation to 2.0%. Balance sheet reductions will also decrease accommodation.