Fed should target faster decline in jobless rate - Kocherlakota
HOUGHTON, Mich., Sept 26
HOUGHTON, Mich., Sept 26 (Reuters) - No matter who becomes the next chairman of the U.S. Federal Reserve, the central bank should adopt a strategy of keeping rates low until the jobless rate falls more rapidly, a top Fed official said on Thursday.
"It's not so much the person but really the vision for strategy going forward and what we are going to be doing," Minneapolis Federal Reserve Bank President Narayana Kocherlakota said. Fed Chairman Ben Bernanke's term runs to January, and Vice Chair Janet Yellen is seen as the front runner to succeed him.
He did not respond specifically to questions about what the Fed should do with its bond-buying program, calling the program a "tactic" rather than a strategy.
Instead he said the Fed should communicate its commitment to pushing up employment faster, which in itself should help the economic situation.
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