NEW YORK – The speeches of Federal Reserve officials always contain a disclaimer that their remarks express their own views, not those of the Federal Open Market Committee.
“This disclaimer is important and should be taken seriously,” Federal Reserve bank of Minneapolis President Narayana Kocherlakota told the White Bear Lake Chamber of Commerce Thursday, according to prepared text of his remarks, released by the Fed. No one person can speak for the entire panel, he added.
The purpose of the speeches is to show the public the “wide range of perspectives” that FOMC members bring into the decision-making process.
The rest of Kocherlakota’s speech was a repetition of his remarks Tuesday, where he said more accommodation is uncalled for at this point, and the Fed may have to increase rates before 2014, but for now accommodation is appropriate.