David Semmens of Standard Chartered spoke with CNBC this morning about the state of the U.S. economy, future quantitative easing, and the threat of deflation.
- 0:30 We’re going to avoid regular deflation because of the Fed’s actions.
- 1:15 The U.S. is going to continue slowing down, as people are going to continue to reduce spending.
- 1:30 There is a return to normalization in interest rates in Canada and Australia, but no possibility of such moves in the U.S.
- 2:00 The service sector, which is 85% of the U.S. economy, was a big disappointment in recent economic data.
- 4:30 The Fed has set up a system in which you have to prove you don’t need the money to be able to get it. Small businesses and small banks are being left out.
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