Fed's Pianalto expects an open-minded Yellen

FXStreet (Bali) - Cleveland Federal Reserve Bank President Sandra Pianalto said Wednesday concluded her Q&A Wednesday night at the College of Wooster in Wooster, Ohio, saying that she expects Yellen to have an open-mind on economic solutions, while adding that the new head of the Fed is committed to reach wide consensus within FOMC.

Additional key quotes

"Studies show that the asset purchases have succeeded in pushing down longer-term interest rates and have generally eased financial conditions."

"It has helped convince the public that interest rates will remain low, just as we had hoped. Lenders are more willing to continue making loans at lower rates because they have confidence that interest rates will stay low, and businesses and consumers can make decisions with more certainty about the borrowing environment."

"The effectiveness of monetary policy depends importantly on the public's expectations of how policy will evolve. We work hard to develop a policy action that the Committee can broadly support. The collegial and respectful atmosphere of the FOMC allowed us to quickly process a range of different views and forecasts, and then move forward with a well-considered decision."