Fed's McDonough - Price stability has many virtues

POLAND - In a speech extolling the virtues of central bank independence, Federal Reserve Bank of New York President William McDonough reiterated the importance of maintaining price stability for an economy.

Speaking before the National Bank of Poland, McDonough told attendees in prepared remarks about the multitude of virtues that flow from central bank's being separated from the political process. McDonough, who serves as vice chairman of the interest-rate setting Federal Open Market Committe