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MORE: Yellen Hopes for 3% GDP in ’14; QE Isn’t ‘Just’ for Rich 2014-01-09 12:34:49.17 GMT
By Felice Maranz Jan. 9 (Bloomberg) -- Fed chair Janet Yellen tells Time she, most on FOMC are hopeful GDP growth 1st digit “could be 3 rather than 2” this yr. * Says QE aimed at damping long-term rates, supporting recovery by encouraging spending * "You know, a lot of people say, this [asset buying] is just helping rich people. But it’s not true’’ * Some stimulus comes via higher home, stock prices, “which causes people with homes and stocks to spend more, which causes jobs to be created throughout the economy” * Calls Dodd-Frank “good roadmap,” may also need “some further steps” * NOTE: Jan. 6, Senate confirmed Yellen; Bernanke’s term expires Jan. 31 * Article: http://ti.me/1gki0Mw (subscription required)
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To contact the reporter on this story: Felice Maranz in New York at +1-212-617-8118 or fmaranz@bloomberg.net
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