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The Boston Globe


Boston Fed chief says budgets cuts, tax hikes hurting economy

Eric S. Rosengren, president of the Federal Reserve Bank of Boston, called on Congress and President Obama to delay policies to lower the federal deficit, arguing that budget cuts and tax increases have slowed the economy and contributed to stubbornly high unemployment.

Rosengren, speaking at a conference in Milan on Thursday, said cuts in local, state, and federal spending in recent years have blunted the ­efforts of the Federal Reserve to stimulate the economy through record-low interest rates, keeping the economy from growing fast enough to lower unemployment significantly.

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