- Jobless rate to decline slowly
- inflation to stay subdued
- Fed highly attentive to developments in Europe; Treasuries even more of a safe-haven than usual
- If markets stabilize, effects will be modest
- Housing activity has firmed only a little
- US budget on unsustainable path; US needs to make strong commitment to fiscal responsibility
Bottom line: Lower for longer, as expected. You can watch his testimony here.
