Former Federal Reserve Chairman Paul Volcker
on Wednesday waded into the debate over when to reduce today's
ultra-easy U.S. monetary policies, contending that the benefits of bond
buying are "limited and diminishing" and warning that central banks are
too often late in removing stimulus.
Volcker, who led the U.S.
central bank's aggressive battle against inflation in the 1970s, said
the decision to adjust policy will come down to good judgment,
leadership and "institutional backbone" in the face of political
pressure.
"Here and elsewhere, the temptation has been strong to
wait and see before acting to remove stimulus and then moving toward
restraint," Volcker, 85, told the Economic Club of New York.
READ MORE: http://www.cnbc.com/id/100773995
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