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President Mester discusses Fed powers, responsibility in conversation with Federal Reserve Vice Chair Clarida

The Federal Reserve has been careful to use its emergency powers only in extreme circumstances, such as during the pandemic, and only for as long as needed, Fed Vice Chair Richard Clarida said in a speech at the Federal Reserve Bank of Cleveland on November 30. Following his remarks, Clarida and President Mester discussed the importance of Fed independence in making policy decisions and of limiting the agency's emergency powers only to "unusual and exigent circumstances."

View the speech and conversation.

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