david: exclusively with new cleveland fed president loretta mester is our own peter barnes. peter, what did she say? >> hey, david and cheryl, great segue from your panel to my interview with loretta mester of the cleveland fed. she thinks the economy is definitely getting better and the economic recovery is accelerating and as a result she says, listen, the fed is definitely preparing consumers and investors and markets for a rate increase. now as far as the timing goes, here's what she said. >> i have a pretty good outlook for 2015. i think we're going to see growth around 3%. i do believe that inflation is going to gradually move back to our target. so i can imagine interest rates going up in the first half of the year. >> but she said the timing and pace of interest rate increases, timing of the first increase and then how much they follow up will all depend on the economic data. one of the data points that we talked about is definitely the drop in oil prices. she says that is a plus for economic growth. here's what she said about that. >> i they have we're getting close

. >> michael cleveland fed president loretta mester who peter had great interview with said no. that the rates will potentially go up. the economy will probably be okay. you think otherwise. why? >> i think the way she said that is very carefully crafted. the fed is always good about watches the words. in all reality what the fed is looking for, they're looking to see that the economy is strong on its own footing strong enough to support an increase in interest rates. if we do see that increase, which, candidly i think wording actually lended a little bit towards looking for a reason to push that increase off a little it about, if there is an increase, it will have to be very slight and very measured. >> phil the oil market might be a reason based on what you're saying or the fed in general pushes this off a little bit longer. one thing that worries me with gas prices so low we're starting to hear our congressional leaders talk about a gas tax hike again. what would that do to the economy? >> sob havinglous -- obviously it is not positive for sure. the problem with the gas tax t