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Fed has limited control over longer-term rates: Plosser

[PHILADELPHIA] The Federal Reserve has never been able to control longer-term rates as much as it might like, a top Fed official said on Wednesday, adding some of the US Treasury bond rally is due to economic troubles in Europe and elsewhere.

Philadelphia Fed President Charles Plosser, speaking to reporters, said the relative safety of US government bonds as well as the "search for yield" among investors globally are also contributing to near record-low rates.