The Federal Reserve should reformulate key policy language on keeping interest rates low for a "considerable time," the president of the Cleveland Fed said on Wednesday.
Loretta Mester, a voting member of the Federal Open Market Committee, said the controversial phrase is too reliant on the calendar as opposed to data.
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The phrase, which appears in the Fed's monetary policy statements, is linked to the completion of the central bank's latest quantitative easing program:
"The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored."