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CNBC EXCERPTS: PHILADELPHIA FED PRESIDENT CHARLES PLOSSER ON CNBC'S "CLOSING BELL"

WHEN: TODAY, WEDNESDAY, OCTOBER 12TH

WHERE: CNBC'S "CLOSING BELL"

Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Philadelphia Fed President Charles Plosser today on CNBC's "Closing Bell." All references must be sourced to CNBC.

Plosser One-on-One

Plosser On The Double Dip Recession:

I don't think we're in for a double dip recession at this point. Of course there are risks out there and things could happen, but I don't see it right now.

Plosser On The Fed:

I think we're in a spot that is really difficult for the Fed. We've had accommodating policy now for almost three years. Very aggressive in monetary policy. I don't think that there is much that the Fed's policies that will promote businesses to spend or hire or consumers to spend.

Plosser On Undermining The Fed:

We've done quite a bit and I think it is a mistake for the public to come to believe or other policy makers to believe that the Fed can solve all our economic ills. We are not a magic bullet and I think the expectations have gotten too high for what we can accomplish. I think that undermines the Fed and undermines our ability to conduct sound policies in the future.

Plosser On Europe:

Clearly I think right now the uncertainty looms large from Europe. The sovereign debt crisis in Europe is not resolved yet. That's creating a huge degree of uncertainty. You can just watch the markets go from day to day and lose mostly on moves from Europe and not lose on the US economy.

Plosser On A Long Recovery:

This recovery is going to be a long very difficult slog. We've had a terrific shock, a horrific shock if you will that's destroyed the economy and that's left millions of people out of work, many people now unemployed for six months or longer. To put all of those people and do the rebalancing the economy needs to do is going to take time and going to be painful.

Plosser On Fiscal Policy:

Progress towards fiscal resolution from Congress about the future fiscal policy, about what we can do, would be a help in the right direction, because that will reduce some of the uncertainty that businesses are facing, what the future's going to be like and what role they will play. So I think it's important we remove some of that uncertainty, that'd be a step in the right direction. Otherwise there's no panacea here to turn this thing around.

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