Salient to Investors:

Drew Matus at UBS Securities said the Fed will not repeat its error of the past 3 years and continue with QE through the summer, and having been fooled multiple times by slumps in the economy they will be gun-shy on the exit strategy.

William C. Dudley at the New York FRB said the greatest danger to growth is tighter fiscal policy, and recent improvement in payroll employment growth is out-sized relative to the growth rate of economic activity that supports it – when this happened in 2011 and 2012, employment growth subsequently slowed.

Ethan Harris at Bank of America said it’s too early to even think about exiting from easy policy – inflation is too low and labor market is too weak.

Joseph Gagnon at the Peterson Institute for Intl Economics said we could very well this summer see the fiscal tax increase and spending cut slow us down again.

Julia Coronado at BNP Paribas said we’ve removed one source of uncertainty which is, how the Fed will react.

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