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Fed's Hammack says central bank independence key?

BY Reuters | ECONOMIC | 01:11 PM EDT

NEW YORK, May 14 (Reuters) - Federal Reserve Bank of Cleveland President Beth Hammack reiterated on Thursday that a wide range of evidence supports the idea that an independent central bank makes policy more effectively.

"Independence is important in achieving our dual mandate goals of maximum employment and price stability," Hammack said while opening a conference at her bank, adding it allows officials "to make decisions based on incoming data and the evolving outlook, including our understanding of how businesses and communities are experiencing the economy." (Reporting by Michael S. Derby; Editing by Nia Williams)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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