• The problem is in Labor markets
  • Fed needs to consider more than just the jobless rate
  • Says he’s lowered his estimations for US consumption and the jobs market may not improve as much as he’d like
  • Doesn’t see prices too high in most markets
  • Fed is watching emerging markets in great detail (Why do I get the image of ants, a magnifying glass and the sun?)
  • Says Fed is focused on our own domestic objectives
  • Does not expect inflation pressures until jobless rate falls to 5.25%

He’s not a voting member this year by the way and he’s another that is happy to let stock prices run away. I bet they’re all long and loving it, the b******’s

  • Fed may pause QE if signs economy is fundamentally weak (surely means the taper)