Fed's Fischer: Policy rules worth consulting, but judgment required

Speaking at a panel titled: "The Structural Foundations Of Monetary Policy: A Policy Conference," Federal Reserve Vice Chairman Stanley Fischer crossed the wires, via Reuters, providing no additional insight into near-term policy.

Key quotes

• Monetary policy rules should be consulted
• Fed in regularly looks at Taylor rules, but they shouldn't be applied mechanically
• Judgment is necessary to account for unexpected structural changes, but that additionally transparency into that judgment is therefore required