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Free AccessMNI POLICY: Rosengren Says No Need For Fed To Clarify QE Yet
The Federal Reserve is no hurry to adjust QE because that could only provide modest benefits with longer-term Treasury yields already quite low, Boston Fed President Eric Rosengren said Wednesday.
"It's quite appropriate to take our time and figure out how best to utilize that tool as the Fall progresses," he said, adding there is no near-term need to clarify interest-rate guidance. If the economy takes a turn for the worse then the Fed can rely on its 13(3) facilities or purchase more, he said.
"Even if we purchase lots of securities, the furthest we could push down the (10 year) Treasury rate is 70bps points to get to zero," he said. That is a very different situation than after QE was used through the global financial crisis, he said.
"It is very helpful to do quantitative easing," Rosengren said. "But I think the amount of progress we can make by just purchasing more at this stage is also fairly limited."
"The emphasis ought to be on the short-term rates," said Rosengren.
GUIDANCE CLARITY
"What's clear from the SEP is this is a long way off," Rosengren said in Q&A remarks to the Boston Economics Club. "But to be honest we'd be lucky to get to 2% inflation within that 4 year period [in the SEP], particularly if my forecast is correct."
"In the near-term, being the next year or two, I don't think that we need much more clarity than what we've provided," he said. "Providing clarity now when we are so far from our goals and objectives probably doesn't serve a useful purpose."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.