• but complicates ability to manage short term interest rates
  • sees broad based slowing in emerging markets
  • stronger financial regulation, supervision needed
  • more coordination on global bank regulation
  • productivity growth disappointing in recent years
  • slower growth may signal structural shift
  • potential growth in US and globally may have suffered long term damage

New US Fed vice-chairman Stanley Fischer all over the wires speaking in Stockholm at his first major speech and not exactly in bullish mode