Fed's Mester: Clear communications play vital role in monetary policymaking

Below are the key highlights, via Reuters, from Cleveland Fed President Loretta Mester's recent speech.

Clear communications play vital role in monetary policymaking.

Post-meeting FOMC statement should focus more on accumulated changes in economic conditions, effect on medium-run outlook.

FOMC should use simple monetary policy rules as 'benchmarks' to explain policy decisions.

Fed has made 'substantial' progress in communicating policies.

Expect FOMC to consider further improvements to summary of economic projections over time.