Former N.Y. Fed President "Uncomfortable"

From Bloomberg - E. Gerald Corrigan, former Federal Reserve Bank of New York president, said he’s concerned that the central bank’s effort to boost inflation by expanding stimulus risks causing price increases out of the Fed’s control. “Even in the face of substantial margins of underutilization of human and capital resources, efforts to achieve an upward nudge in today’s very low inflation rate make me somewhat uncomfortable,” Corrigan, chairman of Goldman Sachs Group Inc.’s bank subsidiary, said in prepared remarks at a Fed conference on Jekyll Island, Georgia. Corrigan was scheduled to deliver the comments on a panel discussion today alongside Fed Chairman Ben S. Bernanke and his predecessor, Alan Greenspan. Corrigan, 69, was a policy maker under former Fed Chairman Paul Volcker, who raised interest rates as high as 20 percent to beat inflation, pushing the economy into the 1981-82 recession. Read here:

Former N.Y. Fed President "Uncomfortable"