Federal Reserve governor Elizabeth Duke said Tuesday she is not ready to take sides in the public debate over whether to expand quantitative easing, noting that most of the Fed’s impact is from expectations, not execution, of policy.

Duke said Fed speeches by themselves may not provide much of a hint about what is going to happen. She withheld her own opinion of what the Federal Open Market Committee should decide next month, and cautioned against reading too much into any individual Fed speech.

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