Plosser e o Fim da Independência do FED

Plosser said as the Fed normalizes policy, it should return to an operating framework in which the benchmark federal funds rate is the primary instrument of monetary policy. In this framework, the Fed's balance sheet should shrink to "probably less than than $1 trillion" so that the fed funds rate trades above the interest on excess reserves. The interest on excess reserves is a new tool that Congress gave the Federal Reserve's Washington-based Board of Governors -- not the Fed's policy-setting committee -- during the financial crisis.
Plosser said he would find a "floor system" framework in which the interest on excess reserves rate is the de facto policy rate "troubling" as it puts no limit on the size of the balance sheet.
"If our operating framework divorces our balance-sheet decisions from monetary policy, it becomes a tempting instrument for future policymakers inside or outside the central bank to use it for non-monetary-policy purposes," Plosser said.
"This could jeopardize the independence of the central bank and, if abused, would be a source of many unforeseen problems."