The Federal Reserve should give policy rules 'a more prominent role' i...
SAN FRANCISCO - The Federal Reserve should give policy rules “a more prominent role” in its interest rate decisions, Cleveland Federal Reserve Bank President Loretta Mester said on Friday, a rare call by a sitting policymaker to consider new constraints on how the U.S. central bank operates.
“While judgment will likely always be a part of policymaking, simple monetary policy rules can play a more prominent role,” she said in remarks at a conference on monetary policy at the Hoover Institution at Stanford University. Rules, mathematical formula that use economic data as the inputs and recommend an interest rate, are a controversial topic at the Fed. They are consulted regularly, but officials are hesitant to use them as a substitute for their own judgment.
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