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发表于 2013-8-13 01:24 PM
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Still all about the Fed
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Fed’s Lockhart: September Taper Not A Given; ‘A Cautious First Step’
By Michael Aneiro
TAGS
BERNANKE
FEDERAL RESERVE
TAPERING
In today’s Fed bond-purchase tapering news, Federal Reserve Bank of Atlanta President Dennis Lockhart says in a speech that the Fed isn’t locked into any plan to start winding down its $85 billion monthly Treasury and mortgage bond purchases in September, as many market participants expect, but that the Fed will likely take a “cautious first step” toward doing so later this year, be it in September or October or December. Quoth Lockhart:
As of September, the FOMC will have in hand one more employment report, two reports on inflation, a revision to the second-quarter GDP data, and preliminary incoming signals about growth in the third quarter. I don’t expect to have enough data to be sure of my outlook. For that reason, I don’t think a decision that commits the Fed to a full phase-out of asset purchases and lays out a precise, beginning-to-end path for doing so would be advisable.
In my mind, the first adjustments to asset purchases, when they occur, should be the beginning of a process with steps that will be determined as later information arrives and certainty about the direction of the economy accumulates. As I see it, a decision to proceed—whether it is in September, October, or December—ought to be thought of as a cautious first step. |
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发表于 2013-8-13 11:55 AM
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发表于 2013-8-13 11:58 AM
