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May 28 - Federal Reserve policy statements would benefit from somewhat lengthier passages than currently employed to describe assessments of economic developments, how that influences the central bank's outlook and the risks to that outlook, Cleveland Fed President Loretta Mester said on Tuesday.
Fed policy statements have become shorter under the leadership of Chair Jerome Powell, and Mester - who is retiring next month - said that is not always the best choice."Short statements suffer from what I call a 'Hotel California' problem: We are reluctant to change particular words because of the possible signal that doing so may send," she said, referencing the hit 1970s song by the Eagles.
Another improvement to Fed communications would be the introduction of an"anonymized matrix" of economic and policy projections alongside the Summary of Economic Projections, or SEP, published each quarter. The SEP most notably includes a"dot plot" showing the range and clustering of policymakers' projections for the appropriate level of interest rates.
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