"We are now at a point where I'm observing excesses and imbalances in financial markets," Kaplan told the Montgomery Area Chamber of Commerce in a virtual appearance in front of a live audience, pointing to "historically" elevated stock prices, tight credit spreads, and surging house prices.
Fed Chair Jerome Powell earlier this week reiterated his view that it is too early to even talk about potentially tapering the Fed's pace of bond buying, saying the economy, though growing fast, is a "long way" from the Fed's goals of full employment and 2% inflation, and still needs the central bank's all-out supportKaplan on Friday staked out a different view.
Kaplan said Friday he now expects to reach the Fed's hurdle for beginning to reduce bond buys sooner than he had thought even just a few months ago. There is "upside" risk to his own forecast of 6.5% U.S. GDP growth this year, he said, also predicting unemployment, now at 6%, will fall to 4% by year's end.
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