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Philly Fed Chief says that The Fed's Low Rate Pledge ‘Inappropriate’

The Federal Reserve's recent promise to keep rates low for another two years was "inappropriate policy at an inappropriate time," while its statement on the economy was excessively negative, a top Fed policymaker said on Wednesday.

Philadelphia Federal Reserve President Charles Plosser said he dissented from the Fed's statement because policy should be determined by what the economy is doing rather than by a fixed timeline.

"It was inappropriate policy at an inappropriate time," Plosser told Bloomberg Radio.


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