The Federal Open Market Committee's latest easing was not appropriate nor is it likely to help the economy much, Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Tuesday.

"I opposed the Committee's actions in September because I believe that increasing monetary policy accommodation is neither appropriate nor likely to be effective in the current environment," Plosser told the CFA Society of Philadelphia and The Bond Club of Philadelphia, according to prepared text released by the Fed. "Every monetary policy action has costs and benefits, and my assessment is that the potential costs and risks associated with these actions outweigh the potential meager benefits."

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