Ummmm, yes…….

  • FOMC ‘haunted’ by program end dates
  • Is concerned by low yields on treasuries
  • Treasury yields ‘extaordinarily low levels’
  • Housing affordability at ‘great level’
  • ‘Done what we can do’
  • ‘We have made a lot of progress’
  • Expects ‘modest improvement’ in labor market
  • Low yields take some pressure off FOMC
  • Europe meltdown could trigger Fed liquidity facilities
  • Sees ‘long drawn out scenario’ for Europe
  • Not expecting Europe meltdown (phew, thank goodness for that)
  • Three more years of zero rates may start to distort US economy
  • QE3 is viewed within Fed as still having a pretty high hurdle

Markets seem to be ignoring comments.

To be honest markets ignoring everything at the moment as we head into the weekend.