- US situation a big factor in oil price drop
- Low cost OPEC producers trying to maintain market share
- Suspects ECB is heading the way of QE
- Germany needs to let its demand grow
- China overexpanded credit in response to recession, particularly in real-estate
- Japan’s Kuroda putting foot on accelerator was a good move
- Japan’s economic stumble is serious but what they are doing is appropriate
- Global economy is not the main driver of US economy
- If jobs improve and inflation is up it’s natural to raise rates
- US economy still not returned to a normal situation
- Productivity growth is way way down and that is what is driving slower growth
- Fed closer to getting rid of “considerable time” language
- If inflation heads lower Fed will keep rates at near zero
- Fed can’t give precise dates, will rely on data
- We don’t want to surprise markets
- Fed will provide guidance after “considerable time” removed
- Fed does not think US is seeing a housing bubble
No real definition on “near zero” still leaves the door open to rate hikes
