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Got gold?

Posted By Peter Boockvar On August 7, 2012 @ 7:33 am In MacroNotes | Comments Disabled

Eric Rosengren, the President of the Federal Reserve Bank of Boston, a non voting member, a Ph. D economist and a Federal Reserve lifer (he never had a private sector job) in an interview with the WSJ printed today said money print away. He said “We need a pro growth monetary policy.” The fed funds rate at 0-25 bps, $2.3T of asset purchases with money out of thin air and another $700b of Twist is just not enough for him and this time he wants an “open ended program” that will continue to buy Treasuries and MBS “until we start seeing some pretty significant improvements in growth and income.” Instead of the start and stop of previous QE’s, he wants an IV drip into the US economy until it wakes up. This IV “shouldn’t set a fixed amount or end date.” Got gold?


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