Former Federal Reserve Chairman Alan Greenspan was famous for speaking without signaling exactly what was in his mind.
Sandra Pianalto, president of the Federal Reserve Bank of Cleveland and a keynote speaker Tuesday at the Economic Research Institute of Erie’s annual conference, said she believes in clear communications.
Her message Tuesday? The economy’s slow recovery is likely to continue, with national unemployment figures likely to remain above 7 percent into 2014.
But Pianalto was equally clear about something else: If recent weak economic data persist, the Federal Reserve should consider taking more action to ease the money supply.