Defending the Fed's asset-purchase program, Federal Reserve Bank of Boston President and Chief Executive Officer Eric S. Rosengren Friday noted changes in the 10-year Treasury prices since May and how Fed communications played a role in the changes.

When the Fed talked about tapering the asset-purchase program, it "appears to have had an outsized impact on long-term rates," Rosengren said in a speech in New York, according to prepared text released by the Fed. "The recent market reactions provide a challenge to the view, argued by some, that the purchase program has no impact - since asset prices seem so sensitive to announcements of even a potential, modest reduction in purchases sometime in the future."

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