(Reuters) – Loretta Mester, President of Cleveland Federal Reserve Bank, indicated that the Federal Reserve hopes to quickly raise interest rates to lower inflation but not plunge the U.S. in recession or damage the robust jobs market.

Mester, who was delivering remarks at University of Akron in Ohio said that the U.S. labor market is tight currently and that inflation is high. We want to keep inflation under control and maintain healthy labor markets by reducing accommodation.

Last month, the Fed delivered its first of what will likely be a series interest rate hikes this year and next in an effort to lower 40-year high inflation. U.S. unemployment rates are now at 3.6%. This is only slightly higher than the level before the pandemic. Job openings have reached near-record highs. These figures, according to Fed policymakers, suggest that labor markets are resilient despite rising borrowing costs.

Mester previously stated that she is open to using larger than normal half-point rate increases to increase borrowing costs rapidly, up to 2.5% by year’s end. To further reduce inflation, Mester supports a prompt start in the reduction of Fed’s imbalance.

She didn’t give further details regarding her opinion on Fed interest rate hikes or the outlook for economic growth in Thursday speech. Instead, she focused on workforce development and the best ways to assess programs.