Fed's Pianalto praises untested U.S. policy stimulus

Wed Feb 26, 2014 7:35pm EST

Feb 26 (Reuters) - A long-serving Federal Reserve policymaker on Wednesday praised the U.S. central bank's use of both asset purchases and so-called forward guidance on interest rates as effective tools that have helped the U.S. economy recover from recession.

Sandra Pianalto, who is stepping down in May after 10 years as president of the Federal Reserve Bank of Cleveland, also predicted that new Fed Chair Janet Yellen would continue "building consensus and being open-minded" at policy-setting meetings in the years ahead. (Reporting by Jonathan Spicer; Editing by Leslie Adler)