Volcker Says Too Soon to Cut U.S. Monetary, Fiscal Stimulus

White House adviser, and former chairman of the Federal Reserve, Paul Volcker says that it is too early for US policy makers to unwind the stimulus and cut the interest rates. He pointed to unemployment rate which according to the recent report from The Bureau of Labor Statistics is at 9.7%. Based on that he suggests both the Fed and Treasury not to take an aggressive action either fiscally or monetary. He also predicts that the budget deficit will reach $ 1.6 trillion by the end of fiscal year.