WASHINGTON — Federal Reserve Bank of Cleveland president Sandra Pianalto Wednesday said the Fed’s current approach to its conduct of monetary policy is appropriate, given the “fairly slow” pace of U.S. economic growth and the expectation that there will no sustained rise in consumer prices.

However, monetary policy will eventually have to become less accommodative and the Fed has been developing the tools for its exit, Pianalto said in remarks at Xavier University in Cincinnati. “I am confident that we will be ready to use them when the time is right,” she said.

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