Dudley hits back at plans to curb Fed discretion
New York Fed chief warns of potential for "significant policy errors"
Federal Reserve Bank of New York president William Dudley on March 31 warned of the potential damage that plans to force the Fed to follow rules-based policy could inflict.
In remarks to the Virginia Association of Economists, Dudley tackled proposals by the US congress that would force the Fed to specify a formal rule for setting its monetary policy and stick to it.
"This is a poor idea because adherence to a simple rule would undoubtedly lead to significant policy errors," he said. "The world
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