Loretta Mester, president of the Federal Reserve bank branch in Cleveland

  • Says clear communications play vital role in monetary policymaking
  • Says post-meeting FOMC statement should focus more on accumulated changes in economic conditions, effect on medium-run outlook
  • Says FOMC should use simple monetary policy rules as 'benchmarks' to explain policy decisions
  • Says Fed has made 'substantial' progress in communicating policies
  • Says she expects FOMC to consider further improvements to summary of economic projections over time

Headlines via Reuters

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Note, there will be a Q&A with the audience and then a further a Q&A with media still to come.

Stay tuned for potential comments on monetary policy and economy outlook from these