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NY Fed Reserve head defends retention of bond purchasing policy

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September 24
10:40 AM 2013

The head of New York's Federal Reserve Bank said last Tuesday it would remain possible for the Federal Reserve would trim its bond purchases before the year's end. During an interview with CNBC, William Dudley said that Federal Reserve Chairman Ben Bernanke's monetary policy. 

The future of the current policy, which involves a USD85 billion per month bond purchase stimulus program, may taper before the end of the year and may end in 2014. Dudley spoke after the Federal Reserve Bank board meeting. Much of the market was surprised that there was no quantitative easing decided upon and were unsure of why the Fed retained its current course of action.

According to Mr. Dudley, "What we did is completely consistent with what the chairman laid out in his press conference." He added, "It's hard to communicate if you're not exactly sure, you know, what you're going to do at the meeting. I mean, that's one reason why you have the meeting."

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