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Hyperactive monetary policy can provide a boost to short-term growth but is unlikely to lead to escape velocity.
PIMCO expects the U.S. economy to grow 1.5%–2% in 2013.
We are hopeful that the brinksmanship and state of crisis that have characterized Washington and weighed on markets over the past few years will abate over the cyclical timeframe.
Right or wrong, the Fed has taken the markets one step further down the path of experimental and untested policy.
Washington’s fiscal cliff deal may be less of a drag on the economy than we had expected, but uncertainty looms over future policies.