You are nobody at the Fed if you are not scheduled to speak today. NY Fed's Dudley gives an economic briefing at 8:30am CDT, Chicago's Evans talks economy at 8:40am CDT, Atlanta's Lockhart is on at 10:30am CDT, Dallas Fed boss Fisher talks in NYC at 11:50am CDT, Minneapolis Fedster Kocherlakota will speak at 12:20pm CDT, Chairman Bernanke will give brief remarks at the grand opening of the Junior Achievement Finance Park (a new competitor to Disney World?) at 3:00pm CDT and Governor Duke will chat in NYC at 6:00pm CDT.
Atlanta Fed's Lockhart
Says he is leaning toward supporting QE2 and thinks it will assist the economy
Says it will influence rates to some degree
Thinks Q4 growth will improve on Q3
Concerned about possibility of more disinflation and the risk of deflation, but doesn't see it as a base case scenario.
Slow growth or "stall speed" growth also a concern
Although he does not want to put a number on QE2, he says it must be large enough to make a difference. Says $100 billion per month would be consistent with the previous effort, but that a number that only totaled $100 billion is far too small.
Says more downside risks to inflation than upside risks.
New York Fed's Dudley
Says momentum of recovery has slowed, but he does not elaborate on QE2.
Says Fed can help economy via accommodative policy.
Chicago Fed's Evans
"We need stronger growth for some time before we return to a more normal level of economic activity"
Says resource slack and low inflation suggest "it would be desirable to increase monetary policy accommodation"
He favors price targets and makes the case that getting 2% inflation would call for "a series of large scale asset purchases to recover the shortfall in inflation.
Sees "extraordinary instance of Liquidity trap"
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