"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
    Comments (1370) | Send Message
    Obviously someone who has risen way past his level of incompetence
    25 Mar 2013, 01:16 PM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
    He must have a big stock portfolio......
    25 Mar 2013, 01:17 PM Reply Like
  • davidingeorgia
    , contributor
    Comments (2661) | Send Message
    Apparently, suffering from the Dunning–Kruger effect is a requirement for holding a job with the Fed.


    25 Mar 2013, 01:23 PM Reply Like
  • Fueled By Randomness
    , contributor
    Comments (313) | Send Message
    His expectations must've been extremely low.
    25 Mar 2013, 01:52 PM Reply Like
  • Kyle Spencer
    , contributor
    Comments (1244) | Send Message
    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
    Comments (3121) | Send Message
    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
    Comments (3121) | Send Message
    "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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