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28 May 2024

Mester expects the Fed to consider communications as part of its next monetary policy framework review

Cleveland Federal Reserve President Loretta Mester participated in a panel discussion titled "Policy Panel Discussion" at the Bank of Japan (BoJ) - Institute for Monetary and Economic Studies, in Tokyo, on Tuesday.

Key quotes

Would be preferable for FOMC statements to use more words to describe current assessment of economy, how that influences the outlook, and the risks to that outlook.

Scenario analysis should also be incorporated as a standard part of Fed communications.

Would like Fed to publish anonymized matrix of economic and policy projections so market participants can see linkage between each participant’s outlook and their view of appropriate policy associated with that outlook.

Expect the Fed will consider communications as part of its next monetary policy framework review.

Market reaction

The US Dollar Index was last seen trading at 104.43, down 0.16% on the day. These comments fail to have any market impact.

May 28, 2024

Fed’s Bowman: Important to keep reducing balance sheet size to reach ample reserves as soon as possible

Federal Reserve (Fed) Governor Michelle Bowman participated in a panel discussion titled "Policy Panel Discussion" at the Bank of Japan (BoJ) - Institute for Monetary and Economic Studies, in Tokyo, on Tuesday.
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May 28, 2024

ECB’s Schnabel: QE may have weakened the transmission of monetary policy

European Central Bank (ECB) policymaker Isabel Schnabel said on Tuesday that “QE may have weakened the transmission of monetary policy during the recent tightening cycle.” “In a bank-based economy targeted longer-term refinancing operations can provide substantial support with a smaller footprint,” she added.
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