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 [Download not found].
