Fed’s Powell insists FOMC communication remains credible

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Jerome Powell has hit back at Charles Plosser's claim that the Federal Open Market Committee (FOMC) sabotaged its own communications strategy by failing to scale back asset purchases in September.

Last week Plosser, the president of the Federal Reserve Bank of Philadelphia, said the decision was a "deviation" from the forward guidance proffered by Ben Bernanke in June, and undermined the FOMC's credibility.

But Powell, a member of the Fed's board of governors, defended the decision and the Fed's

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