Mester puts forward innovations in policy communication

Loretta Mester
Loretta Mester

The US Federal Reserve should take new steps to increase the public’s understanding of its decision-making process, Loretta Mester, president of the Federal Reserve Bank of Cleveland, said in a speech on January 17.

Mester believes the institution should take three steps. Firstly, the post-meeting statements of the Federal Open Market Committee should focus “less on short-term changes in the data released between FOMC meetings”. In her view, “the statement should help the public and financial

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