Philadelphia Fed's Plosser Wants the Fed To Rethink This Whole Money Printing Thing
Welcome back, Chuck, we missed you!
The Federal Reserve may need to slow or stop its purchases of U.S. Treasuries in response to an accelerating U.S. economy next year, Philadelphia Fed President Charles Plosser said.
“If the growth rate of the economy continues to strengthen and looks sustainable, then I am going to be looking for the Fed to react to that,” Plosser said today in an interview on Bloomberg Radio’s “The Hays Advantage,” with Kathleen Hays. “That may be to cut back on the degree of accommodation in a gradual way. One way would be to begin stopping some of the purchases or slowing them down.”
Hahahahaha oh my dear misguided Fedhead, knowing the crew as well as you do do you really think they'll even consider such a thing? Bernanke should have just come out with an oversized check for $600 billion the last time the FOMC decided to throw more free money at the problem, it would be a more accurate representation of the foolishness to follow. Reconsider? Yeah right.
In case you haven't noticed, QE 2 has been a flop of sorts, except for that whole thing about not driving interest rates down like it was supposed to. Oopsie, blew that one didn't we?