Fed's Kaplan says buying Treasury bills is not QE

Dallas Federal Reserve Bank President Robert Kaplan speaks at the Commonwealth Club in San Francisco, U.S., October 11, 2019. REUTERS/Ann Saphir

SAN FRANCISCO (Reuters) - Dallas Federal Reserve Bank President Robert Kaplan on Friday said the U.S. central bank’s new program to buy Treasury bills is not quantitative easing and is not designed to ease monetary policy further.

“We put the fed funds rate at 1.75% to 2%; this has no effect on changing that, it is not intended to create more accommodation or create more stimulus,” Kaplan told reporters after a talk at the Commonwealth Club. “It is intended to ensure in an ample reserves regime that we are able to set the fed funds rate in the target range that we set.”

Reporting by Ann Saphir; Editing by Leslie Adler