- 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
