AT long last, US Federal Reserve chairman Ben Bernanke has offered some numerical guidance on the tapering off of quantitative easing (QE). That debate has roiled markets for the past month.
It clearly hinges on the unemployment rate, and it is falling in line with the better projections that the Fed communicated in a release in the middle of the week. On average, the Fed now expects the unemployment rate to drop to 7.2%-7.3% by year-end, a tick or two better than what it envisioned in March.
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