"The impact of the improvement in financial conditions on the real economy has been somewhat...
"The impact of the improvement in financial conditions on the real economy has been somewhat stronger than I anticipated," says FRBNY chief Bill Dudley, patting himself on the back with both hands. Not only that, but the risks of QE are even less than he anticipated (need 3rd hand now). Why does growth remain so slow? Fiscal policy, he says. Governments are tightening at precisely the wrong time.
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