Fed's Plosser: No need to dissent at Nov meeting (by Greg Robb)

WASHINGTON (MarketWatch) - Philadelphia Federal Reserve Bank President Charles Plosser said Tuesday that he decided not to dissent from last week's policy statement because he supported the decision and didn't want to "re-litigate" past statements. Plosser voted against the Fed's August and September policy moves, one of three Fed regional banks presidents to do so, a rare high number for the central bank. Plosser surprised some Fed watchers by supporting the Fed's decisions on Nov. 2 to stand pat. "I didn't see any point in changing the stance of policy. I think it is dangerous for policy to be jerked around from meeting to meeting," Plosser said in an interview on the Fox Business Network. With the FOMC not taking any more action, it made sense to support the committee and "stand pat and not dissent," he said.