US: Fed Chairman Bernanke emphasised that the Fed’s QE programmes were ‘by no means on a preset course’, as a decision to reduce the pace of purchases would depend on the labour market, inflation, and whether financial conditions remain sufficiently accommodative. Although incoming data suggest that GDP growth was weak in Q2, an ongoing labour market recovery should help the economy to regain traction in coming months, and keep the Fed set for a September tapering.
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