Ultimately, there were no major surprises. Rather it was jus more confirmation that the U.S. economy remains anemic.
However, Greenlaw notes that the economy doesn’t look weak enough to trigger any urgent action from the Federal Reserve.
Some have speculated that the Fed may introduce more balance sheet expansion (aka quantitative easing, aka QE3) in coming months. When the Fed expands its balance sheet, it buys bonds in an effort to lower interest rates for things like credit cards and mortgages.
Here are Greenlaw’s tweets: