Fed’s Plosser calls for end to QE

Charles Plosser, president of the Federal Reserve Bank of Philadelphia, tells Hong Kong that money printing must be brought to a halt before the end of the year.
Charles Plosser: "We are in uncharted territory"
Charles Plosser: "We are in uncharted territory"

The employment and growth data in the US is sufficient for the Federal Reserve to begin reducing its asset-purchase programme, and end the printing of money by the end of the year.

So argues Charles Plosser, president and CEO of the Federal Reserve Bank of Philadelphia and one of the members of the Federal Open Market Committee FOMC, who spoke last night in Hong Kong at a seminar organised by MNI, a financial news agency owned by Deutsche Boerse.

“There’s plenty of shrinking to be done,” of the Fed’s balance sheet, he said, noting that current reserves total $1.8 trillion and growing, versus only $25...

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