Comments on CNBC from the Fed vice chair:

Comments on CNBC from the Fed vice chair:
  • We're not there yet on 'substantial progress'
  • True unemployment is still close to 10%
  • We don't see overheating as a baseline but in any outlook there are always risks
  • Highlights 5-year forward inflation rates 5 years out as showing that the market isn't seeing runaway inflation
  • At some point in time we will think about scaling down asset purchases
  • Says he expects growth this year of 6-7%
  • Sees Europe growing 4% and Asia 5%
  • Bank of Canada has a mandate to focus on Canadian economy, we focus on the US. Different countries will approach it differently; their actions don't change our views.

There's nothing new here. These are the same things Powell was saying last week.