A new survey from the National Association of Business Economists (NABE) shows that many economists don’t expect the Federal Reserve to come to the aid of the slowing U.S. economy with another round of monetary stimulus.
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Board member, Chad Moutray, says:
“I don’t think actually quite frankly that there will be a QE3. I think that the Fed will keep interest rates low for two years. That’s a long time, but I don’t see really a need for them getting into the bond market. I think most economists are not really anticipating that being part of the solution.”
The NABE economic policy survey comes just days ahead of the Federal Reserve’s annual conference, which may bring news of changes to Fed policy. The survey shows that economists are concerned about rising deficits, but favor a balanced approach combining spending cuts and tax increases. Moutray says they’re also concerned about a lack of clarity:
“Right now we see uncertainty as a major issue amongst businesses and until we really can get some firm footing amongst businesses and until we can get a stronger footing with consumers in terms of spending, I think we are going to continue to see this kind of stuck in neutral that we are seeing, that we have seen for the last few months.”
The survey shows some economists are cutting back on forecasts for growth for the rest of this year and 2012, but Moutray says a lot of them don’t expect the United States to slide back into recession.
Bottom line: Business economists don’t expect another round of monetary stimulus from the Federal Reserve. They’re cutting their economic growth forecasts, according to a policy survey from the National Association of Business Economists.