5/17, 8:17 PM (Source: TeleTrader)
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Clarida: Fed open minded in reviewing policy practices

Vice Chairman of the United States Federal Reserve Richard Clarida (pictured) said on Friday that the Fed is "eager" to review the ways of improvement of its strategies and tools for assessment of key macroeconomic indicators. Speaking at an event hosted by the Fed in Philadelphia, Clarida said that the US central bank's approach is more likely to lead to an "evolution" than a "revolution" in the monetary policy.

"With the U.S. economy operating at or close to our maximum-employment and price-stability goals, now is an especially opportune time for this review," he explained, adding "the review will afford us the opportunity to evaluate the new policy tools and enhanced communication practices the Federal Reserve deployed in response to the crisis and the recession that followed it."

Clarida pointed out that the Fed's review of the current monetary policy will include listening to people and communities, as well as consultations with academic experts and panelists outside the Fed.

Breaking the News / SS