• US economic data show ‘slow growth’ picture
• Economy growing at moderate pace
• US recover will ‘take some time’
• European woes are unlikely to trigger a recession
• European spillover is likely to ‘soften’ US growth
• I’m a long-term optimist about US growth
• ‘Not a lot’ Fed can do to help Europe
• Fed has ‘tools’ to respond if Europe falters
• Does not think conditions call for stronger Fed action
• More quantitative easing ‘remains an option’