Cleveland Fed's Pianalto on monetary policy

In a speech on 'A perspective on monetary policy' given on 22 April Sandra Pianalto of the Federal Reserve Bank of Cleveland said central banks can be more effective when they act as systematically and transparently as they can. Systematic and transparent behaviour can easily accommodate extraordinary actions in extraordinary times.

"At all times, the Federal Reserve has the responsibility to explain what it is doing, why, and how its actions are consistent with its long-term objectives. I hope

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