Don't assume newest Fed policymaker is a look-alike hawk

The newest Federal Reserve policymaker is probably not as hawkish as her background suggests, and Loretta Mester's expertise in financial markets and inflation could make a splash as the U.S. central bank reverses its most accommodative policy experiment ever. Mester, a Fed veteran of nearly three decades, becomes president of the Federal Reserve Bank of Cleveland on Sunday after stepping down as head of research at the central bank's Philadelphia branch. A review of her past research and interviews with colleagues leave several questions on monetary policy unanswered. They show, however, that she has not clearly staked out positions alongside that of Charles Plosser, her boss at the Philadelphia Fed who has long criticized the central bank's aggressive crisis-era stimulus.

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