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Fed assistance still needed as economy recovers, officials say
By Peter Schroeder - 01/16/11 02:20 PM ET

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Federal Reserve officials said Friday the central bank still needs to take steps to boost the domestic economy even if it appears to be growing at the outset. Boston Federal Reserve Bank President Eric Rosengren said the Fed's efforts to boost the economy cannot wane until the recovery is broader and more wellestablished. In addition, further steps from the Fed may be needed if the housing sector continues to impede the recovery. "There will be a time when these aggressive actions need to be reversed, but first we need to get the economy on a much more solid footing," said Rosengren, according to Reuters . The Fed has come under fire recently for its decision to buy $600 billion of Treasury bonds in a "quantitative easing" effort. Fed officials maintain the buybacks will help boost private lending, but critics, including several in the Republican Party, argue it will cause inflation. Federal Reserve Governor Daniel Tarullo told CNBC that he saw no reason to alter the $600 billion purchase program, which is scheduled for completion at the end of July.

ON THE MONEY SECTIONS: On The Money Home » Personnel Notes » Domestic Taxes » International Taxes » Budget » Banking/Financial Institutions » FINANCE & ECONOMY NEWS Obama moves on tax reform, but GOP wary of sticking points Liberals warn of Democratic schism if Obama backs Social Security cut Durbin at front on Wall Street reform Chamber president pleased with new tone from White House Kerry warns partisan fighting threatens U.S. global economic standing Obama pragmatic in casting a new team on the economy Jobless rate falls to 9.4 percent, hits lowest mark since May '09 Reform of Fannie, Freddie unlikely despite House Republican push Tight calendar for 112th limits GOP’s options on spending cuts Agencies' budget crunch threatens rollout of Wall Street reform regulations Jobless claims hit lowest mark in more than two years Liberals fear spending bill failure could come back to haunt Obama

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The Fed is incompetent. They have destroyed the Dollar and created three harmful asset bubbles in the past 12 years. It is time we abolish the Fed. BY JON on 01/16/2011 at 16:53 Ron Paul is now in position to seriously rattle the FED's cage. They should be stepping very gingerly. Congress allowed the FED to be born, and they have the power to do away with it. Expect to see Bernanke and other officers testifying this year…a lot.

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http://thehill.com/blogs/on-the-money/banking-financial-institutions/138181-fed-assistance-still-needed-as-economy-recovers-officials-say[1/17/2011 12:17:50 AM]

Fed assistance still needed as economy recovers, officials say - The Hill's On The Money
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Fed assistance still needed as economy recovers, officials say - The Hill's On The Money

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http://thehill.com/blogs/on-the-money/banking-financial-institutions/138181-fed-assistance-still-needed-as-economy-recovers-officials-say[1/17/2011 12:17:50 AM]

Fed assistance still needed as economy recovers, officials say - The Hill's On The Money

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http://thehill.com/blogs/on-the-money/banking-financial-institutions/138181-fed-assistance-still-needed-as-economy-recovers-officials-say[1/17/2011 12:17:50 AM]

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