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Plosser Says Should Set Limits On Fed Goals, Actions

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November 14, 2013 AT 5:38 AM
A top Fed official said Nov. 14 that the U.S. Federal Reserve's mandate should be overhauled to focus primarily on price stability and it should have strict limits on its operations to improve the working of monetary policy. Charles Plosser, president of the Philadelphia Fed, said the U.S. public had come to expect too much of the central bank after policymakers expanded their tools to deal with the financial crisis and its aftermath. Plosser, a longtime critic of the Fed's bond-buying program, said the central bank should limit any asset purchases to U.S. government debt, selling all mortgage-backed securities in its portfolio.