• Dodd-Frank, Basel 3 help to address too big to fail
• Smaller number of people underwater on mortgages
• Simply don’t see much sign of inflation, though it’s a little bit on the low side
• Job growth a little stronger than GDP would suggest
• A lot of leaving the labor force
• Have done better than other economies. US/European unemployment was the same level. Now Europe is higher.
• Can’t be satisfied but moving in the right direction
• Fed is doing what congress told us to do. Congress needs to take a longer term view