The Fed Implies No Fed Rate Hike Until 2013# Stock
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http://www.frbsf.org/news/speeches/2010/janet_yellen0323.html
In light of these continuing headwinds in the financial system, the housing
market, and the job market, I
expect that the economy will be operating well below its potential for
several years. Economists use the term
“output gap” to refer to an economy that is operating below its potential.
We define potential as the level
where GDP would be if the economy were operating at full employment, meaning
the highest level of
employment we co
In light of these continuing headwinds in the financial system, the housing
market, and the job market, I
expect that the economy will be operating well below its potential for
several years. Economists use the term
“output gap” to refer to an economy that is operating below its potential.
We define potential as the level
where GDP would be if the economy were operating at full employment, meaning
the highest level of
employment we co
