Until the economy improves as expected, the Fed should not reduce accommodation, Federal Reserve Bank of Boston President & Chief Executive Officer Eric S. Rosengren said Wednesday.

Rosengren said he opposed tapering asset purchases at the last Federal Open Market Committee meeting because he believed "the incoming economic data did not show the progress I had hoped and expected at the time of the June FOMC meeting, when the committee discussed a possible reduction in the rate of asset purchases sometime in the fall," according to text of a speech he was to deliver before the Lake Champlain, Vt., Regional Chamber of Commerce.

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