Kocherlakota explains logic of dissent to Fed's Operation Twist


Narayana Kocherlakota, president of the Minneapolis Federal Reserve, yesterday explained his dissent from the Federal Open Market Committee's (FOMC) decision to take a more accommodating stance to monetary policy.

Speaking at a meeting in Sidney, Montana, Kocherlakota said: "The [FOMC's] actions at the last two meetings are inconsistent with a systematic pursuit of its communicated objectives. It follows that these actions diminish the committee's credibility and so reduce the effectiveness of

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