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    Tarullo with a dovish message

    Tarullo delivers speech:

    • Tarullo says the reaction ’to this point’ has been as expected
    • Financial system well prepared for Brexit shock
    • We’ll have to watch how Brexit plays out
    • Three will be some impact in the UK, no one knows the scale
    • I don’t believe in ’normalization’
    • Recent jobs creation shows there was more slack in jobs market than believed
    • "This is not an economy that’s running hot"
    • The neutral rate of interest rates has come down quite a bit
    • We have tools to respond pickup in economy; if it were to slow down our tools our limited
    • For some time now, I have thought it was the better course to wait and see if inflation rose to 2%
    • For some time now, I have not seen evidence of inflation rising to target
    • I would want to be more convinced the underlying rate of inflation is 2%
    • I’m not convinced that 2% underlying inflation is coming but that data may come

    Stocks are slightly rising on a dovish message from Tarullo,, there is little reaction on financial markets as he is a known dove.

     

    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.


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