Federal Reserve Bank of Dallas President Richard Fisher and Philadelphia’s Charles Plosser dissented last month against the extension of the Fed’s new fixed-rate reverse repurchase program, objecting to the absence of limits on the amount of money counterparties can post.
Federal Reserve Bank of Philadelphia President Charles Plosser, who votes on policy this year, said central bank officials should focus on communicating the conditions under which interest rates will rise.
Federal Reserve Bank of Philadelphia President Charles Plosser, who votes on policy this year, said he expects the economy to expand 3 percent in 2014 as the jobless rate falls to 6.2 percent by year-end, warranting a quicker tapering to bond purchases by the central bank.
Treasuries fell, sending 10-year yields up from almost a three-month low, and U.S. stocks ended lower as investors dissected reports showing growth in jobs and acceleration in service industries. Silver and gold paced gains in commodities.
Treasuries dropped for a second day before a government report on Feb. 7 that’s forecast to show nonfarm payrolls increased in January, boosting the case for the Federal Reserve to keep reducing its bond purchase program.