MNI spoke to Fed hawk Charles Plosser, who says lower rates will not help the economy while risking inflation.
It would have been better for the FOMC to “be more patient, wait until early next year and see how Congress deals with its challenges” and how the situation in Europe develops “rather than reacting to recent events that were not terribly startling or surprising.”
Plosser’s comments are a reminder that it doesn’t really matter what the Fed members at the fringe say. When it comes time to vote, they fall in line with the Chairman.
