Dow Jones Business News (01/15/14) Michael S. Derby
In a speech on Jan. 15, U.S. Federal Reserve Bank of Chicago President Charles Evans said the central bank must continue its “highly accommodative monetary policy” to support the economic recovery. When it comes to the Fed’s bond-buying stimulus efforts, he said, “We decided that the cumulative improvement to that point met the criteria for first scaling back purchases, [but] this decision does not, however, mean we thought the economy needed less overall policy accommodation.”
Evans called the December jobs report “disappointing,” and while he did not say how it would impact cuts to the bond-buying program, he stressed that “the labor market has improved.” Evans forecasts 2.75% economic growth in 2014, and he expects the unemployment rate to drop to 6.0% or less by the end of next year.
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