NY Fed's Dudley: NO Bond Bubble (!?)

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NY Fed's Dudley: No bond bubble (by Sam Mamudi)

NEW YORK (MarketWatch) -- The head of the New York Federal Reserve on Monday denied that the Fed's expansionist monetary policy has created a bubble in bond yields. Responding to a question at the National Association for Business Economics' annual meeting in New York, Dudley said that rather than creating a bubble, the Fed was flattening the yield curve to help improve financial conditions. In other comments, Dudley said that the latest round of quantitative easing, called QE3, would last not only until the labor market improves, but until the outlook for the labor market is improved. Asked about the potential impact of the fiscal cliff on the economy, Dudley said he wanted to wait to see the outcome of the Nov. 6 elections before drawing conclusions.

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