Using a "multiyear policy perspective" would lower "the uncertainty that monetary policy as it is currently conducted spawns," according to Federal Reserve Bank of Dallas President Richard Fisher.

The multiyear approach becomes "especially important" when interest rates are zero-bound, Fisher said at a Dallas Fed conference, according to prepared text released by the Fed. "The explanation is that by interfering with the normal conduct of monetary policy, the zero bound increases the likelihood that policy will miss its objectives year after year in the same direction, so that the errors accumulate over time."

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