Philly Fed's Plosser Says Economy May Be Tanking But New Quantitative Easing Won't Help

Charles Plosser

Philadelphia Federal Reserve President Charles Plosser opposes any more asset purchases by the Fed, and also sees the economy getting worse, according to Reuters.

Plosser doesn’t want the Fed to lose public confidence, and doesn’t actually think quantitative easing II will have much of an impact.

Plosser said today that there are a “very limited amount of things we can do at this point,” according Zero Hedge.

Plosser doesn’t have a vote on the Federal Open Markets Committee, but his opinion echoes Minneapolis Fed President Kocherlakota’s comments earlier today.

Kocherlakota too trimmed his 2010-2011 economic forecast, and doesn’t think more QE will have much of an impact. He is also not yet a voting member of the FOMC.

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