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

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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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