Salient to Investors:

William C. Dudley at New York FRB said:

  • European economic weakness and US budget woes mean more needs to be done to shore up the global economy and financial regulation.
  • The US has too much fiscal restraint in the short-term, and too little consolidation in the long-term.
  • The US economy is gradually improving, with households far along in the deleveraging process and recovering, the banking system healthier, credit easing, corporate sector highly profitable and awash in cash.
  • Europe’s near-term macroeconomic outlook is less bright.
  • Peripheral countries have made substantial efforts to bring down their structural budget deficits.

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