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Thursday, 14 November 2013

Janet Yellen: I Am a Major League Money Printer -

Janet Yellen: I Am a Major League Money Printer - 

Janet Yellen will say the US economy is performing “far short” of its potential at her confirmation hearing this morning  in prepared remarks that justify continued monetary stimulus, reports FT.

“We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession,” the nominee for chair of the US Federal Reserve will say, according to prepared testimony.

“Unemployment is down from a peak of 10 per cent, but at 7.3 per cent in October, it is still too high, reflecting a labour market and economy performing far short of their potential,” she will say.

“For these reasons, the Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases.”


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