Plosser: focus on real, not nominal, rates

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Charles Plosser, the president of the Philadelphia Federal Reserve, on Thursday mooted an inflation targeting framework with a twist.

Speaking at the Cato Institute, Plosser argued against central banks attempting to rein in asset prices with interest rates as this was "a policy that is easy to get wrong and fraught with risks."

However, he proposed an alternative that he believed would go some way to tempering bubbles. "The policy approach I have advocated would increase the interest rate targe

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