Dissension at the Top: Fed's Plosser Slams QE3 - Markets take a diveSubmitted by Peace Gold Love on Tue, 09/25/2012 - 15:14
WASHINGTON (MarketWatch) — One of the leading hawks on the Federal Reserve slammed the central bank’s new asset purchase program on Tuesday, saying that it wasn’t necessary, wouldn’t work and is risky.
“We are unlikely to see much benefit to growth or employment from further asset purchases,” said Charles Plosser, the president of the Philadelphia Fed Bank, in a speech to financial market trade groups in Philadelphia.
Plosser’s comments are not necessarily a surprise because he is one of the leading hawks on the Fed who have opposed Fed Chief Ben Bernanke’s unconventional monetary policy.
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NEW YORK (MarketWatch) — U.S. stocks turned lower Tuesday, positioning the S&P 500 index for its lowest close in two weeks, after a Federal Reserve member offered a negative take on the latest Fed move.