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Press Release

Forward Guidance and Communications in U.S. Monetary Policy

In a speech to Imperial College London, Loretta J. Mester discussed how the Federal Reserve has turned to forward guidance during the unusual economic circumstances since the financial crisis, and made recommendations for how the guidance might be amended as the economy and policy environment returns to normal.

11-20-2014 Forward Guidance and Communications in U.S. Monetary Policy.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.455.4479