WASHINGTON (Reuters) ? Expanded Federal Reserve efforts to boost tepid growth and cut high unemployment are justified as broken housing markets and depleted household wealth act as a brake on the recovery, a top Fed official said on Monday.
Even though the effect of aggressive Fed policies to ease financial conditions has been muted by declines in house values and consumer reticence, it would be wrong to conclude central bank actions are useless, Federal Reserve Governor Sarah Bloom Raskin said.
"The opposite conclusion might well be the case -- namely that additional policy accommodation is warranted under present circumstances," she said in remarks prepared for delivery to an event sponsored by the University of Maryland Smith School of Business.
The Fed's aggressive actions have been "completely appropriate" in promoting job growth, Raskin said. Both fiscal and monetary policymakers should be considering a wide array of approaches for fostering job creation, she said.
(Reporting by Mark Felsenthal; Editing by James Dalgleish)
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