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Blurred effect: Former St. Louis Fed CEO Poole on the great central bank unwind

from CFA Institute's Enterprising Investor

At her recent US Senate confirmation hearing, Federal Reserve Vice Chairwoman Janet Yellen, who seems poised to win the nod to succeed Ben Bernanke at the helm of the world’s most powerful central bank, pledged her support for the Fed’s massive bond-buying program designed to spur the economy and reduce unemployment. This so-called QE3 program has indeed had a stimulative effect — but not, says former St. Louis Fed president and CEO William Poole, in the way that most people think. The impact has largely been on expectations rather than a direct effect pushing up asset prices. more

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