- Consumer spending, labor mkt improving
- Real estate weakness will not prevent recovery
- Failure to exit easy policy in timely manner will have serious consequences
- Reverse policy by raising rates, selling bonds at same time
- Important to communicate Fed’s intentions
A pretty hawkish take from the Philly Fed president…Clearly, QE2 is the end of the Fed’s money-printing experiment. Nearly all Fed speakers are on the same page on that regard…
