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Fed official warns unemployment will stay high without more steps

Los Angeles Times - Jul 23, 2012

A top Federal Reserve official warned that unemployment will remain high through next year unless the central bank takes additional steps to boost the economy.

But John Williams, president of the Federal Reserve Bank of San Francisco, did not directly call for another round of bond-buying, known as quantitative easing, ahead of a meeting next week by the Fed's policymaking committee.

I think the argument against further action is the question of uncertainty around the effects, the costs and the benefits of doing so, Williams said an interview with the Financial Times. Still, he suggested a way to launch another round to get "more bang for the buck."

His comments reflect the pressure on the Fed to do more to stimulate the lagging recovery, but the need to be cautious in setting market expectations.

Last week, Fed Chairman Ben S. Bernanke told lawmakers that the central bank was ready to take additional steps as recent economic signals have turned sour. But he did not suggest any move was imminent. The Fed's policymaking Open Market Committee holds its next meeting from July 31 to Aug. 1.

Read Full Article from Los Angeles Times

- Posted: 2012-07-23 12:20:03

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