Late Friday in her opening remarks at a New York institute, Cleveland Federal Reserve President Loretta Mester noted that the Federal Reserve should not delay hiking rates any further. She cited the near full unemployment rate of 5.10% as the main basis for lifting off interest rates while remaining optimistic that US consumer inflation would follow suit. The Fed’s preferred gauge of consumer inflation stood at 1.30%, below the target rate of 2.00% and recent economic data has shown declines in US production. Ms. Mester is one of the few hawks on the FOMC voting board as more and more members are pivoting towards leaving rates unchanged until the global risks dissipate. The USDJPY currency pair remains range bound, currently exhibiting no clearly discernible directional trend and trading near support at 118.73.