Fed Presidents Far From Unanimous on Need for Further Easing

Regional Federal Reserve presidents showed they’re far from unanimous on whether the central bank should try to boost flagging U.S. growth with a second round of unconventional monetary easing.

Policy makers have the tools to act and should respond “vigorously, creatively, thoughtfully and persistently” to a slow recovery, Boston Fed President Eric Rosengren said in a New York speech today. He spoke minutes after Philadelphia Fed President Charles Plosser said in New Jersey that the central bank would put its credibility at stake by taking actions such as buying more securities that may fail to reduce unemployment.