Philly Fed Pres. Charles Plosser on QE: "we’ve dug ourselves a very large hole"
Charles Plosser, president of the Philadelphia Federal Reserve Bank, told Tom Keene and Sara Eisen on “Bloomberg Surveillance” today that..
“we’ve dug ourselves a very large hole” and that “when I’ve weighed the costs and benefits of this [quantitative easing] policy, I’ve decided that the costs outweigh the benefits.”
Plosser also said that it is..
“disturbing” to him that “more and more is being expected of central banks.” He said, “We are expected to solve all the world’s problems. Our fiscal authorities are not doing a very good job in any country.”
source: Bloomgerg Television
Plosser on what his confidence is that Bill Dudley and Janet Yellen will get the exit of quantitative easing right: