Charles Plosser News
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Federal Reserve Bank of San Francisco President John Williams said quickening economic growth and gains in the job market may prompt the Fed in the next few months to start reducing its $85 billion in monthly bond-buying.
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Treasuries rose, with 10-year note yields headed for their biggest two-day decline since mid-April, as government and Federal Reserve reports pointed to a weakening economy and slower inflation.
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U.S. stocks fell, pulling benchmark indexes down from records, and the Dollar Index reversed losses as Federal Reserve officials discussed scaling back stimulus efforts. Gold futures extended the longest slump since 2011.
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Three Federal Reserve regional bank presidents called for phasing out the Fed’s monthly purchases of $40 billion in mortgage-backed securities as the housing recovery shows signs of gaining momentum.
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Mexico’s peso fell for a sixth day in its longest losing streak since November as speculation the Federal Reserve will consider scaling back its record program of asset purchases reduced demand for emerging-market assets.
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Federal Reserve Bank of Boston President Eric Rosengren said inflation that has “persistently” stayed below the Fed’s goal is a concern and may suggest policy hasn’t done enough to support growth.
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The cost of living in the U.S. fell in April for a second month, the first back-to-back declines in inflation since late 2008, as fuel prices retreated.
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The dollar strengthened before reports economists said will show manufacturing in the Philadelphia region expanded, while first-time jobless claims were near the lowest since January 2008.
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Federal Reserve Bank of Philadelphia President Charles Plosser said he favors phasing out the Fed’s purchases of mortgage-backed securities.
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Federal Reserve Bank of Philadelphia President Charles Plosser said his forecast for a falling unemployment rate would warrant ending the central bank’s bond purchases this year.
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