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IPFS News Link • Economy - Economics USA

Dow drops 100 after Fed official's warning

• AP
A quiet day on Wall Street turned into the worst sell-off in three months after a Federal Reserve official said he doubted the bank’s effort to boost economic growth would work.

Charles Plosser, president of the Fed’s Philadelphia branch, told an audience Tuesday that the Fed’s effort to support the economy would likely fall short of its goals. And if the Fed looks ineffective, it could undermine future Fed action.

 

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