US affected by spillovers as well as causing them – Fed’s Fischer
Foreign developments can be a “substantial headwind”, says vice-chair
Monetary policy in the US suffers from spillover effects from abroad, as well as inflicting them, Federal Reserve vice-chair Stanley Fischer said on November 11.
The US is particularly affected through trade and financial channels, Fischer told an audience in Santiago via video link. An example was Europe's sovereign debt crisis, which caused a "pronounced tightening" in US financial conditions in 2011 and 2012, he said.
"During the past couple of years, foreign developments have at times been a
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