Comments on CNBC from the Fed vice chair:
- We're not there yet on 'substantial progress'
- True unemployment is still close to 10%
- We don't see overheating as a baseline but in any outlook there are always risks
- Highlights 5-year forward inflation rates 5 years out as showing that the market isn't seeing runaway inflation
- At some point in time we will think about scaling down asset purchases
- Says he expects growth this year of 6-7%
- Sees Europe growing 4% and Asia 5%
- Bank of Canada has a mandate to focus on Canadian economy, we focus on the US. Different countries will approach it differently; their actions don't change our views.
There's nothing new here. These are the same things Powell was saying last week.
