The Fed will taper "when the economy is ready and when the market is ready," Atlanta Fed chief Dennis Lockhart tells CNBC (does that mean never?). Anticipated faster growth in 2013 did not materialize, he says, but the blown forecast doesn't stop him from quickly making another: He expects growth will pick up in 2014.
He reiterates the stance that tapering does not equal tightening. "We've been trying to get across that view and it's not been broadly accepted ... we are going to remain accommodative for quite some time, in all likelihood for a number of years." The mix of tools, however, may change.
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