NY Fed's Dudley: the Tips are good
The benefits of the treasury inflation protected securities (Tips) programme exceed its costs, said William Dudley, the president of the Federal Reserve of New York.
Dudley said that the benefits of Tips - Treasury bonds that protect holders from real losses due to inflation - included that they provided an access to a market-determined measure of inflation expectations, which helped the conduct of monetary policy; and that they gave an explicit incentive for the fiscal authorities to conduct
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