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Fed's Stein backs QE3, says policy remains effective

Federal Reserve Governor Jeremy Stein (R) listens as senior policy advisor at the Boston Federal Reserve Bank Jeffrey Fuhrer speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder

Federal Reserve Governor Jeremy Stein (R) listens as senior policy advisor at the Boston Federal Reserve Bank Jeffrey Fuhrer speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts...more

Federal Reserve Governor Jeremy Stein (R) listens as senior policy advisor at the Boston Federal Reserve Bank Jeffrey Fuhrer speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder
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Federal Reserve Governor Jeremy Stein speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder

Federal Reserve Governor Jeremy Stein speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder

Federal Reserve Governor Jeremy Stein speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder
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Senior policy advisor at the Boston Federal Reserve Bank Jeffrey Fuhrer listens as Minneapolis Federal Reserve Bank President Narayana Kocherlakota speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder

Senior policy advisor at the Boston Federal Reserve Bank Jeffrey Fuhrer listens as Minneapolis Federal Reserve Bank President Narayana Kocherlakota speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University...more

Senior policy advisor at the Boston Federal Reserve Bank Jeffrey Fuhrer listens as Minneapolis Federal Reserve Bank President Narayana Kocherlakota speaks at a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder
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Federal Reserve Governor Jeremy Stein listens during a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder

Federal Reserve Governor Jeremy Stein listens during a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder

Federal Reserve Governor Jeremy Stein listens during a macro-finance conference hosted by the Boston Federal Reserve Bank and Boston University in Boston, Massachusetts November 30, 2012. REUTERS/Brian Snyder
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