- Agreeing with the FOMC's assessment that the economy is improving and should continue to improve, Boston Fed chief Eric Rosengren says he "does not yet have sufficient confidence in this outlook to risk the removal of any monetary accommodation at this time."
- PCE inflation of just 0.7% is well below the 2% target, and while many point to temporary factors, Rosengren reminds inflation is falling in many other developed countries, suggesting potentially more powerful deflationary forces.
- "Over the recovery period, my forecasts, as well as forecasts of many others, have proven to be more optimistic than the actual outcomes ... I would prefer to wait until the economic improvement that I am forecasting is clearly evident in the data before reducing the size of the asset-purchase program."
Rosengren explains dovish FOMC dissent
Dec 20 2013, 12:22 ET