PIMCO's chief of global equity and ex-assistant Treasury secretary was on CNBC to discuss his views on the recent Federal reserve's announcement of new bond buying and its monetary policy linking to lowering of the unemployment rate.
-- Fed has admitted to the "new normal" now and recent Fed announcement tells us that monetary easing policy will be there for long time till growth perks up a bit.
-- Unemployment is structurally higher and unemployment of 6% to 7% is the new normal.
-- But is constant monetary easing helping? Not at all and will do little to further grow the economy. This economy decline or small growth is structural.
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