Minutes
of the Federal Open Market Committee
December 11-12, 2012
Voting against this action: Jeffrey M. Lacker.
Mr.
Lacker dissented because he objected to the asset purchases and to the
characterization of the conditions under which an exceptionally low range for
the federal funds rate would remain appropriate.
He
continued to view asset purchases as unlikely to add to economic growth
without unacceptably increasing the risk of future inflation, and to
see purchases of MBS as inappropriate credit allocation.
With
regard to the funds rate, Mr. Lacker was concerned that linking the
forward guidance to a specific numerical level of the unemployment rate
would inhibit the effectiveness of the Committee's communications
and increase the potential for inflationary policy errors; he
preferred qualitative guidance instead.
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