Less dovish comments from a dove:
- Fed could begin paring bond buys by summer if the economy grows as forecast
- Expects ‘substantial’ job market improvement by summer
- Unemployment to fall a little blow 7% by late 2014
- End new asset purchases does not mean the Fed is tightening policy
- Sees US GDP growing 2.5% this year and 3.25% next year
- Benefits of Fed asset purchases continue to outweigh risks by a large margin
It’s not what the stock-market bulls want to hear and it’s not particularly good for gold either. The caveat is that he sounds optimistic about the economy and if the numbers continue to disappoint, his tapering scenario goes out the window.
