Cleveland Federal Reserve Bank President Sandra Pianalto said more easing isn’t necessary even though she predicts just moderate growth and the jobless rate probably won’t fall to 6 percent for about four years.
Federal Reserve Bank of Cleveland President Sandra Pianalto said the U.S. economy is recovering gradually from the recession and reiterated the central bank’s pledge to keep interest rates “exceptionally low” for an “extended period.”
Lael Brainard, a former U.S. Treasury undersecretary for international affairs, won Senate confirmation as a Federal Reserve governor along with Jerome Powell, while Stanley Fischer was approved as Fed vice chairman.
The U.S. Senate confirmed two nominees to the Federal Reserve board and made Stanley Fischer Fed vice chairman less than a week before policy makers gather to consider further tapering record accommodation.
Federal Reserve officials predicted their target interest rate will be 1.13 percent at the end of 2015 and 2.5 percent a year later, higher than previously forecast. They lowered their long-run estimated rate, reflecting a slower growth rate for the U.S. economy.