Mester puts forward innovations in policy communication
The president of the Federal Reserve Bank of Cleveland proposes focusing on explaining policy decisions
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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