Fed Prez: Bring on More Stimulus

CNNMoney informs MHProNews the president of the Federal Reserve Bank of Minneapolis, Narayana Kocherlakota, says the Fed should do more to lower the unemployment rate. “I would say that my outlook for unemployment and my outlook for inflation both point to a need for more accommodation than is currently being provided by the FOMC (Federal Open Market Committee),” he stated in a talk to the Financial Planning Association of Minnesota. While not a voting member of the FOMC, he has the opportunity to voice his opinion at the policy making meetings, and says the Fed should aim for an unemployment rate of 5.5%. That, he says, will increase the demand for goods but keep inflation below 2.5%. According to minutes from the Dec. meeting, some members believe the central bank should cease the asset purchases this year, others want to maintain the buying at its current level.

(Photo credit: Craig Lassig/Bloomberg via Getty Images–Narayana Kocherlakota)

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