Cleveland Fed President Loretta Mester said in a speech on Friday that she expected the U.S. economy to grow.

"My current expectation is that the U.S. economy will work through this episode of market turbulence and the soft patch of economic data to regain its footing for moderate growth, even as the energy and manufacturing sectors remain challenged," she said.

Mester noted that ties between the U.S. and the Chinese economies were "not very strong".

She pointed out that she expected the Fed to continue raising its interest rate gradually.

Mester is a voting member of the Federal Open Markets Committee this year.