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"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.
Comments (7)
  • minecanary
    , contributor
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    Obviously someone who has risen way past his level of incompetence
    25 Mar 2013, 01:16 PM Reply Like
  • youngman442002
    , contributor
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    He must have a big stock portfolio......
    25 Mar 2013, 01:17 PM Reply Like
  • davidingeorgia
    , contributor
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    Apparently, suffering from the Dunning–Kruger effect is a requirement for holding a job with the Fed.

     

    http://bit.ly/aegthf
    25 Mar 2013, 01:23 PM Reply Like
  • Fueled By Randomness
    , contributor
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    His expectations must've been extremely low.
    25 Mar 2013, 01:52 PM Reply Like
  • Kyle Spencer
    , contributor
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    Famous last words. If by "governments", he means "Brussels", then yes. (If, by "tighten", one means "steal".)
    25 Mar 2013, 02:03 PM Reply Like
  • Whitehawk
    , contributor
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    Someone should have asked him what the bonus pool is for the FRBNY trading desk.
    25 Mar 2013, 02:48 PM Reply Like
  • Whitehawk
    , contributor
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    "However, we should keep up our guard. The regulatory community must continue to take steps to mitigate the vulnerability of the economy to a sharp rise in long-term rates. This includes monitoring banks' exposure to duration risk and the quality of their risk management and capital planning, while also looking outside of the banking system because some risks may reside elsewhere. In this regard, agency mortgage REITs and the risk of large outflows from bond mutual funds are issues that deserve ongoing attention."
    25 Mar 2013, 03:02 PM Reply Like
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