Fed’s Plosser Says U.S. Recovery Becoming Broader

Federal Reserve Bank of Philadelphia President Charles Plosser said the U.S. economic recovery is broadening and that the central bank could begin to sell assets from its balance sheet “sooner rather than later.”

“The economic recovery is on a sustainable path, and I expect further progress even as we unwind the accommodative monetary and fiscal stimulus put in place during the crisis,” Plosser said today in Altoona, Pennsylvania. “Although the recovery so far has been quite mild given the recession’s severity, I believe that it is becoming more broad-based.”

While monitoring the recovery’s pace, Fed policy makers are debating when and how to sell $1.1 trillion of the assets that the central bank purchased through March in an effort to lower home-loan costs. Plosser reiterated that he favors an exit from record monetary stimulus through timely sales of mortgage-backed securities in the Fed’s portfolio.

Read Full Article from BusinessWeek

- Posted: 2010-06-11 10:44:03

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