Cleveland Federal Reserve Bank President Loretta Mester warned Friday policymakers cannot wait until inflation hits 2% before continuing with normalizing interest rates. "I don't think we can wait until inflation gets back up to 2%. We've learned over time that we need to be preemptive and that means we need to be forward-looking," she said in a CNBC interview. "I admit that it's hard to forecast inflation," but "where inflation is today is not a very good forecast of where it's going tomorrow, Mester said on the sidelines of the Fed's annual economic symposium in Jackson Hole, Wyo. "Inflation is the place ... (full story)