Comments from Cleveland Fed President Sandra Pianalto.
- Sees ‘meaningful improvement’ in labor market
Here is her comment, in context:
“Employment growth has been stronger than I was expecting, and the unemployment rate today is more than half a percent lower than I projected it to be last September,” Pianalto said in the text of remarks prepared for delivery in Cleveland today. “In light of this progress, and if the labor market remains on the stronger path that it has followed since last fall, then I would be prepared to scale back the monthly pace of asset purchases.”
It’s a wishy-washy comment. A well-known Fedwatcher told me a couple years ago that Pianalto is an intellectual lightweight and I haven’t seen anything since then to make me question it. She simply follows the crowd and Bernanke.
