Fed's Quarles: Recovery is underway but risks remain to the downside

Comments from Quarles on monetary policy

• Fed hopes to quicken the pace of the recovery via forward guidance
• Asia seeing strong rebound but trade has been slow to increase
• Prospects are good but the hole is deep, full US recovery is a good way off
• Job gains may slow and business spending outlook is uncertain
• Commercial real estate poses downside risks
• Indicators of future inflation do not point to rapid acceleration

Quarles doesn't often weigh in on the economy and monetary policy. Usually he sticks to bank regulation. His comments today fall in-line with what Powell has been saying.