Appropriate to refresh U.S. Fed's longer-term 'exit strategy' -Williams

NEW YORK Wed Feb 19, 2014 9:18pm EST

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NEW YORK Feb 19 (Reuters) - The U.S. Federal Reserve should update its longer-term "exit strategy" for winding down its swollen balance sheet to reflect changes in the plan since it was published in 2011, a top Fed policymaker said on Wednesday.

San Francisco Fed President John Williams, asked about updating the strategy by reporters, said, "When the world changes, we have changed our plan in an appropriate way." He also noted that the Fed has made clear, for example, that it does not intend to sell any of the assets it has bought until perhaps "later on" as it looks to shrink the balance sheet.

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