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Plosser Says QE3 Risks Fed Credibility

New round of bond buying not likely to boost hiring or growth, says Philadelphia Fed president.

By Jeff Kearns and Aki Ito, Bloomberg | Updated on September 26, 2012

Federal Reserve Bank of Philadelphia President Charles Plosser said new bond buying announced by the Fed this month probably won’t boost growth or hiring and may jeopardize the central bank’s credibility.

“We are unlikely to see much benefit to growth or to employment from further asset purchases,” Plosser said in a speech today at the district bank in Philadelphia. “Conveying the idea that such action will have a substantive impact on labor markets and the speed of the recovery risks the Fed’s credibility.”

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