Philly Fed's Plosser: Fed acted on contagion fear


Charles Plosser, the president of the Philadelphia Federal Reserve, on Monday said the Federal Reserve's decision to re-open the dollar swap lines was made on the back of fears for the health of the US financial system.

Plosser told CNBC, a broadcaster: "My concern on the Greek debt crisis was whether or not financial concerns would spill over into the United States," Plosser said. "That was why the Fed re-opened the swap lines. Hopefully that won't happen now. My concern was primarily contagion

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