UPDATE 1-Pianalto-Fed wants efficient,effective credit flow

(Reuters) - "It is important to keep in mind the overall outcome we are
trying to achieve, which is the efficient and effective flow of
credit and capital," Pianalto said in remarks prepared for
delivery at a Cleveland Fed conference on community
development.




While Pianalto focused on troubles in the subprime mortgage
market, she did not discuss the outlook for the U.S. economy or
monetary policy. A copy of her remarks was made available ahead
of delivery.


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