NEW YORK: The Federal Reserve has not become political and will set policy based not on meetings with lawmakers and White House officials but on the U.S. economy, Cleveland Fed President Loretta Mester said on Thursday.
"I don't think the Fed has become political," she said on CNBC. "It can be a distraction, and in fact some of (Fed Chair Janet Yellen's congressional testimony on Wednesday) was about that rather than economic conditions. But we're going to set policy based on ... the country in terms of economics."
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