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Fed's Clarida: We are still long way from goals, want to see actual progress

In a CNBC interview, Federal Reserve's Richard Clarida says it is not yet time to talk about taper.

Key comments

Clarida says we are still long way from goals, want to see actual progress.

Clarida says not there yet, on 'substantial progress'.

Clarida says true US unemployment rate closer to 10%.

Clarida says Yellen indicated she was not predicting or advising on Fed policy.

Clarida says baseline view is that we don't overheat.

Clarida says if see unforseen inflation pressures will use tools to bring it down.

Clarida says there are risks to both sides of outlook that we have to factor in.

Clarida says will be upward pressure on inflation as economy reopens, but over time those will work out.

Clarida says data is telling us that inflation won't persist over a long period of time.

Clarida says asset purchases are providing important support to economy.

Clarida says he expects growth this year of 7%.

Clarida says expect growth rate to attenuate as we dig out of deep hole.

Clarida says US will be a locomotive for global growth this year.

Clarida says it's going to take some time to get a sense of how the labor market will adjust.

Market reactions

The markets are consolidated in the afternoon on Wednesday with the US dollar flat on the day in the last half of the remaining hour on Wall Street.

DXY is holding around 91.3120 as the comments are digested. 

Author

Ross J Burland

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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