On Monday's broadcast of CNBC's "Closing Bell," President and Chief Executive Officer of the Federal Reserve Bank of Cleveland Loretta Mester predicted that while there will be substantial progress on inflation in 2023, "We won't be back to 2%," and "growth is going to be well below trend, and when you're in that kind of very low growth environment, there is a risk that a shock could send you into negative growth for a few quarters."