Fed's Clarida: Fed will consider new tools to ease policy if needed

In his remarks prepared for delivery to the U.S. Monetary Policy Forum sponsored by the University of Chicago Booth School of Business, Fed vice chair Richard Clarida said that the Fed would consider new tools to ease the policy if needed.

Key quotes (via Reuters)

• Fed is launching broad review of policy framework.
• Fed will weigh changes to inflation-targeting framework.
• New tools to be reviewed include some Fed rejected before, like capping treasury yields.
• Fed is also reviewing ways to improve communications.