Fed's Mester repeats expectation of gradual rate hikes

Cleveland Fed President Loretta Mester, a voter on central bank policy this year under a rotation, largely repeated a speech she gave last week in New York.

"It will be appropriate to continue to gradually reduce the degree of accommodation this year," she told the Cleveland Association for Business Economics.

Mester was to take questions after the speech.

(Reporting by Kim Palmer; Writing by Jonathan Spicer; Editing by Chizu Nomiyama)