Monetary policy must evolve based on Federal Open Market Committee projections, Federal Reserve Bank of Cleveland president Sandra Pianalto said Thursday.

“It is important to remember that monetary policy is not something that the FOMC should just 'set and forget’ — it must evolve with the FOMC’s outlook, including its estimates for structural and cyclical impacts of the recession,” Pianalto told a National Association for Business Economics conference, according to a text of her remarks released by the Fed. “Above all, in these uncertain times, I think it is important to keep an open mind and take a balanced approach to meeting our dual mandate.”

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