• Repeats that fiscal policy is holding back the economy and reiterates support for continuing to taper
  • Expects Q4 GDP to be revised down
  • Will continue to vote for measured cuts in QE
  • Says 6.5% unemployment threshold a crude tool
  • FOMC needs to ensure it doesn’t add confusion

The taperers have got their way and they’ll be damned if they’ll let the taps loosen again.