Rosengren Says Fed Exit From Stimulus Should Only Be Gradual

Federal Reserve Bank of Boston President Eric Rosengren, the only dissenter against a Fed decision to taper bond buying, said policy makers should avoid hurting the economy and cut stimulus “only very gradually.”

“This recovery has already been too slow, and we do not want premature tightening of monetary policy to delay the return to more normal economic conditions,” Rosengren said today in a speech in Hartford, Connecticut. “A very gradual normalization is very appropriate given that the unemployment rate remains unusually high and the inflation rate remains unusually low.”