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Fed's Plosser: Fed puts credibility on line if QE3 continues

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The central bank risks putting its credibility on the line if it fails next month to reduce its accommodative asset purchases, Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said.

"Were the FOMC to refrain from reducing the pace of its purchases in the face of this evidence of improving labor market conditions, it would undermine the credibility of the Committee's statement that the pace of purchases will respond to economic conditions," Plosser said.

Source: Reuters
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