- Efficiacy of asset purchases as high or higher than earl;y expectations
- tug of war between improving US economy and large negative fiscal impulse
- Europe’s near term economic outlook less bright
William Dudley is considered a close ally of Ben Bernanke so his comments aren’t going to part from the party line at all. Previously he was at the forefront of knocking back concerns that critics had of the Fed’s levels of purchases.
He continues;
- European support for fiscal, structural changes could further erode if economic growth does not return
- Pan-european banking union critically important next step
Euro taking a hit on his downbeat view of european woes sliding towards support at 1.3020.
