Chorus for Fed taper grows louder
The Federal Open Market Committee (FOMC) shot itself in the foot by failing to reduce the pace of its asset purchases in September, according to Charles Plosser, the Federal Reserve Bank of Philadelphia president.
Plosser last night argued that the decision to stay the course on quantitative easing (QE) undermined the credibility of the committee, and the efficacy of forward guidance.
Fed chair Ben Bernanke indicated in June that if economic data was consistent with the FOMC's forecasts in the
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