WASHINGTON — Federal Reserve Bank of Philadelphia president Charles Plosser repeated his concern over the “unconstrained” flexibility that new monetary policy tools give to the central bank Friday, stressing the need to return the composition of the Fed’s balance sheet to Treasuries only and to reduce its size to pre-crisis levels.

Policies tend to have an “inflation bias,” posing risks to their credibility, when there is too much flexibility, Plosser said in remarks prepared for the Swiss National Bank Monetary Policy Conference.

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