- Cooperation and creativity to solve fiscal cliff could help make 2013 a very good one for the American economy.
- Framework to out fiscal policy on stable long-run path urgently needed, but avoid adding to economic headwinds.
- Too early to assess full effects of QE3, but corporate bond and MBS yields have fallen significantly since announcement.
- US unemployment rate still well above - perhaps 2.0-2.5ppt - Fed's view of long-run sustainable levels.
Reaction details (12:23)
- In reaction to these comments e-mini S&P moved lower from 1386.25 to 1384.75 with disappointment on a lack of new information from the Fed chairman.
- T-notes moved higher 1.5 ticks, moving from 133.19+ yo 133.21.
- No reaction was seen in the USD.
Analysis details (12:19)
- These comments offer no new insight into any decision taken at the December meeting, and are a reiteration of most recent comments by Bernanke and the FOMC minutes.
20 Nov 2012 - 12:15 - - Source: Newswires
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