- Unemployment is well above Fed's mandate, inflation is below target, recovery faces serious menaces.
- Fed's policies are having the desired effects.
- Sees unemployment above 7% through at least end of 2014, inflation slightly below 2% for next few years.
- US GDP up 2% in 2012, 2.5% in 2013, 3.5% in 2014.
- No matter what, US government shifting toward austerity.
- Fed has substantial scope to provide stimulus.
- Monetary policy can't offset fiscal cliff impact.
- Does not see signs of diminishing returns for QE.
Reaction details (02:30)
- No reaction seen in DXY as these comments are in fitting with his dovish stance.
Analysis details (01:51)
- Williams is a FOMC voter and a known dove.
15 Nov 2012 - 01:49 - Fixed Income - Source: Newswires
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