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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