Policy actions in housing, fiscal policy and structural adjustment of the U.S. economy are essential to achieve economic recovery, which remains sluggish by historical standards, said a top Federal Reserve official Friday.
Unemployment is “likely to remain unacceptably high for the near term,” said William Dudley, president of the Federal Reserve Bank of New York, speaking at the quarterly regional economic press briefing.
I guess we know why the Fed sold those $7 bln in mortgage-backed securities to Credit Suisse last week. They needed to get them into the market so they can buy them back again…