• Falling labour force participation is partly secular and will continue
  • Weak jobs market partly accounts for low participation
  • If labour market improves QE will likely end in the fall

I never like the term “might” from those in power and have a direct effect on policy

  • Refuses to put a number on full employment level
  • FOMC doesn’t have targets for stock prices
  • Policy probably does have impact on stock prices
  • Return of home values to more normal levels is a big benefit
  • Fed policy has benefited ‘main street’ Americans