- Recovery looks better than six months ago, not as good as a month ago
- Doesn’t want to overstate how far economy has come on recovery
- Payroll numbers were missing ingredient in recovery
- Commodity price pressures have virtually nothing to do with US monetary policy
People with pitchforks may show up on Dudley’s doorstep after the remark on commodity inflation. Dudley was famously jeered a month or so ago when talking about falling electronics prices offsetting rising commodity prices with the remark that “you can’t eat an ipod”. Looks like Dudley failed to receive the message. Fortunately many at the Fed have, including the Bernanke.
