Top Fed Official Warns Against Coordinated Global Monetary Policy

A top Federal Reserve official signaled skepticism toward adopting coordinated interest-rate policies among major central banks in remarks prepared for delivery at a conference on Friday.

“While international monetary policy coordination may enhance the efficiency of monetary policy execution, I am skeptical that in practice there are additional material, reliable, and robust gains that would flow from a formal regime of binding monetary policy cooperation,” said Fed Vice Chairman Richard Clarida.