More from the Chicago Fed President:
- Says if Fed is skittish about how much to overshoot 2%, its job will get a lot more difficult
- Doing more bond buying prematurely wouldn't be as effective; it may be better to wait on bond buying until unemployment closer to 66%
- May consider adjusting QE pace once there's more clarity on economy
- He's concerned that fiscal support will be less than the $500m to $1t that he's assumed
- Fed has not induced excess risk taking beyond what was seen pre-crisis; asset prices reflect optimism
That last line is tough to swallow.