Fed's Mester: US Mon. policy cannot address income inequality, effects of globalization

Speaking at a Fed-sponsored event, Cleveland Fed President Loretta Mester said: "While monetary policy cannot address issues such as income inequality, the longer-run issues of workforce development, or the distributional effects of globalization and technological change, other government policies and private-public programs - if they are well-designed - can," in her prepared remarks.

• Mester didn't comment on the monetary policy or the current state of the U.S. economy.