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Depressing Speech from San Fran Fed

San Francisco Federal Reserve President Janet Yellen gave a speech today at the Burnham-Moores Center for Real Estate School of Business Administration, University of San Diego.  Not a lot of sunshine…

  • Core inflation may decline in 2010 and 2011
  • Economy to operate ‘well below’ potential for years
  • U.S. ‘May be close to a turnaround’ in the labor market
  • expects unemployment to be ‘painfully high’ for years
  • ‘commercial real estate remains a bleak spot’
  • predicts economic growth of 3.5% for this year
  • economic slack is ‘pushing inflation down’
  • ‘consumer mindset’ still in ‘fragile state’
  • ‘this is not the time’ to remove monetary stimulus
  • full impact of foreclosures, bank failures not yet felt
  • expect economic growth to quicken next year to 4.5%

Read the full speech San Francisco Fed President Janet Yellen - Speech Feb 22
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