By and
with contributions from Julia Neel
 on September 25, 2012

Consumer confidence took a big step up this month, driving U.S. retail stocks higher until the president of the Federal Reserve Bank of Philadelphia rained on the parade.

Charles Plosser said the Federal Reserve’s efforts to boost the economicrecovery by buying bonds was not likely to succeed. “The slow pace ofthe recovery should not be taken as evidence that the stance of monetarypolicy is inappropriate or that ever more aggressive accommodation canspeed up that pace,” he said.

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