- The beatings will continue. The Fed's biggest challenge today is credibility, says Chicago Fed boss Charles Evans, who wants to be crystal clear: The central bank will continue to be accommodative until it gets the economy it wants. Citing a "shocking amount" of fiscal restraint, Evans says 2013 growth is likely to fall short of expectations.
- He does tip his hand on the taper, suggesting the Fed is likely to buy $1.5T in assets under QE3. With $1.1B already purchased and assuming another $85B this month and December, it suggests a fairly rapid pace of tapering next year.
- "I'd like you to do a lot more lending," Evans tells his audience of Illinois bankers.
- A first as far as we know, the Chicago Fed is live-tweeting the Evans speech.
- Treasury yields continue higher on the session, the 10-year up 5 bps to 2.72%. TLT -0.9%.
- Treasury ETFs: TBT, TLT, TMV, SHY, IEF, TBF, PST, EDV, TTT, TMF, TLH, ZROZ, SBND, IEI, DLBS, TYO, DTYS, VGLT, UST, SHV, BIL, UBT, TLO, TBX, VGSH, VGIT, FSA, LBND, GSY, DTYL, SCHR, TYD, SCHO, ITE, TENZ, TYBS, TUZ, FIVZ, DTUL, SST, DTUS, TBZ, DFVL, DLBL, DFVS, TYNS
Evans: Fed not ready to cool accomodation
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