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Fed's Collins says it's normal for new chairs to put stamp on Fed work

BY Reuters | ECONOMIC | 12:37 PM EDT

By Michael S. Derby

May 13 (Reuters) - Federal Reserve Bank of Boston President Susan Collins said Wednesday it's completely normal for a new central bank chair to put their own imprint on the institution.

"Over the history of the Federal Reserve, there have been a number of different chairs, and each chair brings their own approach, their own perspective. I think that's healthy and valuable," Collins told the Boston Economic Club, ahead of Kevin Warsh's likely confirmation as Fed leader. She added Warsh has a lot of experience and that she "looked forward to working with him," while refraining from comment on what he might change at the central bank.

(Reporting by Michael S. Derby)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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