KC Fed’s George Dissents On Interest Rate, Quantitative Easing

Esther George | Photo from kc.frb.org

Federal Reserve Bank of Kansas City president Esther George was the sole dissenting vote when the Federal Open Market Committee decided to keep a key interest rate at or near zero and continue buying $40 billion a month in mortgage-backed securities.

George, is concerned that the continued high level of monetary accommodation will increase the risk of future economic imbalances and cause an increase in long-term inflation.

The FOMC controls the federal funds rate, which in turn affects the rates banks charge for loans. George has cast the lone dissenting vote in both of her meetings since becoming a voting member of the FOMC.

Read more from the Kansas City Business Journal

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