Fed's monetary policy deviates from best practice, says Bullard


James Bullard, president of the Federal Reserve Bank of St Louis, today outlined the extent of his disagreement with the Federal Open Market Committee (FOMC) consensus – accusing his colleagues of deviating from "best central bank practice" and "state-contingent monetary policy".

Bullard said Fed chairman Ben Bernanke's outlining of a "more elaborate plan" to reduce asset purchases was "inappropriately timed". He also pointed out the paradox of the committee "marking down its assessment of both

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