Obama adviser Volcker says there is no practical alternative to the dollar as a reserve currency for today or “many tomorrows”.
Some growth late this year in the US economy seems reasonable though a strong recovery is unlikely, he says. Inflationary pressure is unlikely for some time to come.
EUR/USD trades at 1.3967 after a dip to 1.3942. Stocks have turned lower after a pop after the data and bonds are back belwo a 4% yield after a drict above after the data.
