Tags: Fed | Fischer | monetary | unemployment

Fed Nominee Fischer Says US Needs Expansionary Monetary Policy

Wednesday, 12 Mar 2014 01:36 PM

Stanley Fischer, the nominee to be Federal Reserve vice chairman, said the U.S. still needs the central bank’s unprecedented accommodation as joblessness remains elevated.

“At 6.7 percent, the unemployment rate remains too high,” Fischer, a former Citigroup Inc. vice chairman and Bank of Israel governor, said in remarks prepared for his confirmation hearing tomorrow before the Senate Banking Committee.

“Achievement of both maximum employment and price stability requires the continuation of an expansionary monetary policy, even though the degree of expansion is being gradually and cautiously cut back as the Fed reduces its monthly purchases” of securities, said Fischer, 70.

Also scheduled to testify tomorrow are Fed governor nominees Lael Brainard, a former U.S. Treasury undersecretary, and Jerome Powell, who has continued serving as governor after his first term ended on Jan. 31.

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Stanley Fischer, the nominee to be Federal Reserve vice chairman, said the U.S. still needs the central bank's unprecedented accommodation as joblessness remains elevated.
Fed,Fischer,monetary,unemployment
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2014-36-12
Wednesday, 12 Mar 2014 01:36 PM
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