The public expects too much from the Federal Reserve, particularly monetary policy, Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Thursday.

"We have assigned an ever-expanding role for monetary policy, and we expect our central bank to solve all manner of economic woes for which it is ill-suited to address," Plosser told a Cato Institute conference, according to prepared text released by the Fed. "We need to better align the expectations of monetary policy with what it is actually capable of achieving."

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