September 20, 2012 / 12:45 PM / in 5 years

Boston Fed's Rosengren: Already signs Fed action is working

QUINCY, Mass., Sept 20 (Reuters) - The Federal Reserve’s decision last week to buy large quantities of mortgage-backed securities is already having a positive effect on wholesale mortgage rates, the president of the Federal Reserve Bank of Boston said on Thursday.

Eric Rosengren, in a speech to a chamber of commerce in the Boston suburb of Quincy, also said the U.S. economy was clearly in better shape than some developed peers internationally, but still not strong enough to bring the unemployment rate down more quickly.

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