The Economy Still Faces Core Issues
Originally published by: Wells Fargo — September 9, 2011
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While it was a fairly light week for economic data, speeches by President Barack Obama and Fed Chairman Ben Bernanke dominated headlines. The president outlined a plan that calls for payroll tax cuts and spending initiatives. Although the proposal could boost growth somewhat, we do not believe it fully addresses the core issues of weak consumer demand and structural unemployment.
Fed Chairman Ben Bernanke’s speech offered no new surprises, which puts greater weight on the two-day FOMC meeting scheduled in September.
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