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If the Fed had to set its inflation target today, it would choose 3% or 4%, rather than 2%, but "it is very difficult to change a target when you have missed it for so long. ... The minute you do that, your credibility is hit even harder."
Inability to pass tougher rules is a national disgrace, Levitt says.
"Long-end exposed to a lot more risk," Pimco's El-Erian says
"Long-end exposed to a lot more risk," Pimco's El-Erian says
Pimco's Gross says Greek swap lessens sanctity of bondholders contracts.
Pimcos Gross says debt, little growth and few policy solutions hinder Italy.
Pimco's Gross says governments should not concentrate on cutting debt.