Pianalto: Fed should extend inflation forecasts

The Federal Reserve would gain credibility by being more clear, and extending its inflation forecasting time horizon would help, the president of the Federal Reserve Bank of Cleveland said in a speech on Tuesday 19 April.

Cleveland Fed President Sandra Pianalto said that while she generally supported the idea of an objective for Fed monetary policy, numerical inflation targeting was not a panacea for maintaining price stability.

Alternatively, the Fed might gain some credibility by providing a

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