The comments by Eric Rosengren, president of the Boston Fed, echoed remarks made earlier in the day by another Fed policymaker who cited the US economy's falling a bit short on the central bank's inflation target as a problem.[NEW YORK] The US Federal Reserve should shore up its ability to fight economic downturns by committing to let inflation run above two per cent when times are good, a top policymaker said on Monday.
Mr Rosengren said he supports an approach that would see the Fed, which is"forced to accept" inflation below its 2 per cent target during recessions, commit to achieve above-two per cent inflation"in good times". Policymakers, for instance, could target a range of 1.5-2.5 per cent. The president of the Chicago Fed, Charles Evans, said earlier on Monday that the US central bank should embrace inflation above its target half the time and consider cutting rates if prices do not rise as fast as expected. Both Mr Rosengren and Mr Evans are voting members on the Fed's policy-setting committee this year.
Source: News Formal (newsformal.com)
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