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Publish Date29/11/2012 05:09:23 PM
Last Update29/11/2012 05:20:02 PM
William C. Dudley, President of the Federal Reserve Bank of New York and Vice Chairman of the Federal Open Market Committee (FOMC), said today that the joblessness rate in the U.S is highly unacceptable and considered the possibility of increasing the Fed’s asset purchase program, and said that his main focus is the Labor market outlook.
“The Fed will promote maximum employment and price stability to the greatest extents our tools permit, and we will stay on course”, said in New York today.
According to the minutes of the FOMC October meeting, Federal Reserve officials said that they might need to expand their monthly purchases of bonds, and are now considering to extend Operation Twist, the program swapping short-term treasuries with longer-term debt.
Dudley said he will “focus on the labor market outlook, not just its current state” to determine whether to add to the Fed’s stimulus, and that discourage workers have ““depressed the participation rate and held down the official unemployment rate”.
He commented also about the expansion of the U.S economy, and that it must grow faster if they were to put the jobless workers and idle businesses back to work.
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