``The Federal Reserve should let its balance sheet begin shrinking before raising interest rates, Kansas City Federal Reserve President Esther George said on Tuesday in remarks that highlight divisions over how to wind down years of crisis response... counter to the position spelled out in recent days by Fed members including New York Fed President William Dudley, who said bond proceeds should be reinvested until the Fed has begun raising interest rates in order to avoid sending a premature signal that the central bank feels the economy has healed.''

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