A strategy of holding the rate constant would have been my preferred strategy at that point, but it's a close call, holding pat, depending on where the economy is, could actually be tighter policy. Cleveland Fed President Loretta Mester More Quotes by Cleveland Fed President Loretta Mester More Quotes From Cleveland Fed President Loretta Mester It's hard to read a strong signal from that, but you don't ignore that signal. Cleveland Fed President Loretta Mester business I'm going to take this whole time in between meetings to really make a really good assessment of that before I determine where policy is. Cleveland Fed President Loretta Mester business Financial stability should not be added as a third objective for monetary policy. Cleveland Fed President Loretta Mester business If our macroprudential tools proved to be inadequate and financial stability risks continued to grow, I believe monetary policy should be on the table as a possible defense. Cleveland Fed President Loretta Mester business While explicit forward guidance was used as a policy tool during the recession and earlier in the recovery, in more normal times, away from the zero lower bound, I believe forward guidance should be viewed more as a communications device, as such, I would like to see the forward guidance evolve over time to give more information about the conditions we systematically assess in calibrating the stance of policy to the economy's actual progress and anticipated progress toward our dual-mandate goals. Cleveland Fed President Loretta Mester top-news At this point, the FOMC doesn't anticipate selling the agency mortgage-backed securities on its balance sheet as part of the normalization process, although it might engage in limited sales in the longer run to reduce or eliminate residual holdings. Cleveland Fed President Loretta Mester top-news We’re going to be accommodative for a very long time because the economy just needs it to get back on its feet. Cleveland Fed President Loretta Mester We want them to make sure the game being played is a fair game. Cleveland Fed President Loretta Mester Monetary policy will need to remain highly accommodative for quite some time because achieving our monetary policy goals is likely to be a journey and not a sprint. Cleveland Fed President Loretta Mester What public policy needs to do, and this includes the Fed, is to help ensure that the shutdown in activity that is being felt doesn't cause lasting damage to the economy, and to make sure that we give aid and relief to the employees and workers and the businesses that are bearing the brunt of that shutdown. Cleveland Fed President Loretta Mester Lack of liquidity in financial markets is a first-order problem that can reverberate through the financial system and the economy. Cleveland Fed President Loretta Mester
