Roger Ferguson, the chief executive and president of pension fund manager TIAA-CREF, told CNBC Tuesday that he wouldn’t characterize 2011 as having a “robust” economy.
“The economy is strengthening, but on a base of slow growth,” said Ferguson, who heads one of the largest financial services firms in the U.S. “It [2011's economy] will be better than in 2010.”
“Certainly, a fair amount of what we’re seeing is based on the stimulus effect that we’ve had for monetary policy, and the expectation of ongoing stimulus in 2011 as well,” he added.
Ferguson, who was vice chairman of the Federal Reserve, said he supported the Fed decision recently to boost the recovery with some $600 billion in quantitative easing.
“There are some good signs: Consumer confidence is up, we’ve seen CapEx [capital expenditure] savings expenditures going up. Obviously the international scene is uncertain at this stage.”