Futures Market News
Fed presidents cast doubt on more intervention
May 02, 2012 12:42 PM
Three voting members of the policy making arm of the U.S. Federal Reserve stand opposed to additional intervention to spur the globe's biggest economy, according to Bloomberg.
U.S. Federal Reserve Bank presidents Jeffrey Lacker of Richmond, Jon Williams of San Francisco and Dennis Lockhart of Atlanta each noted their opposition to further rounds of the measures.
President Charles Plosser of the Philadelphia Federal Reserve, who this year does not have voting rights, advised serious consideration of inflation risks.
"With the very accommodative stance of monetary policy that has now been in place for more than three years, we must guard against the medium- and longer-term risks of inflation," Plosser said in San Diego, according to Bloomberg.
Lacker, at a Tuesday conference in Washington organized by Bloomberg, said additional monetary stimulus will increase the peril and risks of inflation while neglecting development and growth.
Williams, while in California, said debt acquisition is not merited while Lockhart emphasized his skeptical perspective. Lockhart told CNBC that the present is the incorrect juncture for more monetary policy accommodation, according to Reuters.
Growth during the first quarter of the year registered at 2.2 percent, a disappointment considering the final quarter of last year saw growth at 2.2 percent, correct according to the U.S. Department of Commerce.
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