- Recovery from crisis less robust than hopes
- Persistent drags, not temporary factors, restraining growth
- Next FOMC meeting in September to be changed to two days from one to consider tools to provide additional monetary stimulus, other issues
- Has a range of tools to provide economic stimulus, discussed these tools at August meeting
- Fed has marked down outlook for growth in coming qtrs
- Financial stress continues to be significant drag at home and abroad
Here is the link to the full speech.
No real surprises. No move imminent but new measures are being explored. Pretty much as expected. Not hawkish, by any means, that’s for sure.
