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Incoming Fed policymaker Loretta Mester said on Friday that the Federal Reserve cannot achieve full U.S. employment over the longer term without stabilizing prices, stressing that clear communication will be key as the central bank returns to a more normal policy stance. Mester, who succeeds Sandra Pianalto as president of the Cleveland Fed on Sunday, gave a speech that was careful not to reveal her stance on monetary policy or the economic outlook. Instead she challenged Fed researchers to help the central bank better understand inflation.



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