Parry on prospects for the national, local economy

In the speech 'Prospects for the National and Local Economies: A Monetary Policymaker's View' given on 21 August Robert Parry of the Federal Reserve Bank of San Francisco said downside surprises that could push the inflation rate even lower are a concern due to the considerable amount of excess capacity which exists. In this environment Poole said he wouldn't be surprised if it turned out to be appropriate to keep an accommodative stance for a considerable period.

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