Seven Percent

Number of the day: 7%

Chicago Federal Reserve President Charles Evans, strong proponent of quantitative easing (QE) tells CNBC televsion this morning he expects unemployment in the 7% range for at least another 2 years. As 7% is unacceptable to the Federal Reserve, the statement means he expects a minimum 2 years of continued $40B/month or more of asset purchases by the Federal Reserve to reduce the unemployment rate.

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