Philadelphia Fed's Santomero says policy is right

US - Federal Reserve Bank of Philadelphia President Anthony Santomero said on Wednesday that the economic recovery, while more modest than expected, should move forward and that the Fed's current policy stance is appropriate.

"I believe the Fed's current monetary policy stance is appropriately supportive of the recovery process," he said, suggesting that Fed policymakers see little need to cut interest rates in the near term despite fears the economy could fall back into recession.

Santomero,

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