- Europe could have spill overs if officials failed to respond effectively
- Considered explicit job market target, lowering rates on excess reserves
- Growth seen slow but not pointing to contraction
This notion of the Fed targeting employment is laughable to me. Rates cut to zero, 2 rounds of QE plus Operation Twist have yet to do the trick. But a numerical target will? Yep, sure…
I’m not a Bernanke-basher, but that sounds absurd to me…
