• QE risk can support GDP if risks are adequately managed
  • More analysis need
  • Risks from QE include potential interference with financial stability (polite way of saying beware of bubbles)
  • Fed could distort markets if their presence becomes too large (ya think?)
  • Expects continued moderate economic growth over next two years
  • Expects very slow improvement in jobless rate

Pianalto is the President of the Cleveland Fed and is one of the least talkative of FOMC members.