Kocherlakota speaks out against Fed decision


Narayana Kocherlakota, the president of the Minneapolis Federal Reserve, on Friday challenged the Federal Open Market Committee's (FOMC) commitment to holding interest rates at low levels until mid-2013.

In his first public statement since dissenting at the FOMC meeting on Tuesday, Kocherlakota said the evolution of macroeconomic data did not reflect a need to make monetary policy more accommodative given the notable rise in personal consumption expenditure (PCE) inflation rose in the first half

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