Cleveland Fed's Pianalto on monetary policy II

In a speech on 'A perspective on monetary policy II' given on 11 June, Sandra Pianalto of the Federal Reserve Bank of Cleveland said the central bank's target rate of 1 percent "is too low to be sustainable."

Speaking to business people in Moon Township, Pennsylvania, Pianalto said that while it is important for central bankers to act predictably, ``the current federal funds rate, at 1 percent, is too low to be sustainable.''

``Preserving price stability will require the FOMC to increase the

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