Federal Reserve Bank of Chicago President Charles Evans proposed further monetary action on the part of the Federal Reserve, including purchasing more Treasury bonds to cut the cost of borrowing, while lowering his forecast for U.S. economic growth, the Wall Street Journal reported. Meanwhile, Nobel Prize winning economist Joseph Stiglitz warned against such a policy, saying that monetary action would wreak havoc on the foreign-exchange markets, according to Reuters.
Chicago Fed’s Evans Pitches Monetary Action While Economist Stiglitz Warns Against It originally appeared on DailyFinance on Tue, 05 Oct 2010 17:16:00.