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Sandra Pianalto, the president of the Cleveland Fed who has rotated to become a voting member of the Federal Open Market Committee, on Tuesday said past Federal Reserve interest rate and monetary policy decisions have worked as she hinted she would be prepared to support more stimulus. "I have supported our policy decisions, and there is evidence that they have been effective," she said. "These policy actions were taken after careful consideration of the costs and benefits, and going forward I will continue to weigh the costs and benefits of further policy actions." She did note in the longer term, it's inflation and not employment that's mostly impacted by monetary policy. Pianalto expects 2.5% growth this year and 3% in 2013, "pretty good" inflation, and heightened unemployment for four to five years.

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