Q&A: Philly Fed’s Plosser Takes On ‘Extended Period’ Language
March 1st, 2010 admin
The Federal Reserve needs to alter its communication strategy so it is less hamstrung by language it uses in its policy statement, says Charles Plosser , president of the Federal Reserve Bank of Philadelphia . Philadelphia Fed President Charles Plosser (Bloomberg News) The Fed has been saying since last year that short-term interest rates would remain exceptionally low for an “extended period,” meaning at least several more months. Mr. Plosser said in a wide-ranging interview with the Wall Street Journal that the words make it harder for the Fed to react to changes in the economy and that it should look for ways to remove that language from its regular policy statements. “I would rather have language that is more conditional on the state of the economy, and …
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