Deferred policy tightening may destabilize inflation expectations

This decline in confidence could damage the Fed's ability to conduct an effective policy

The new bond purchase program could undermine the credibility of the Fed

Purchase of assets is unlikely to benefit greatly

Gradual decline in rates is unlikely to foster an economic growth

Costs and risks outweigh the positive effects of QE3

Further easing of Fed policy was inappropriate, it is unlikely to be effective

I expect that the U.S. will be able to avoid the worst scenarios of budget break

Recovery time from soft policy may occur much earlier than mid 2015

Europe continues to pose a significant uncertainty

Current policy generates long-term inflation risks

In the future, the policy should be more stringent than they are now waiting for the Fed

In the medium to long term, inflation is expected to reach 2%

Monetary policy can do little to spur job creation

Prospects for the labor market will improve only gradually

The rate of job growth was not strong enough to affect the unemployment rate this year

There are encouraging signs of improvement in the housing market

Consumers are unlikely to significantly increase the cost savings in the recovery

In 2013 and 2014, economic growth is likely to be around 3%