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Bernanke Gives Gloomy View of US Economic Outlook

Wednesday, 18 Jul 2012 | 1:00 AM ET

"I think Bernanke is concerned that further QE would not be as effective as before because the risks to the US economy do not have to do with monetary policy, it is fiscal and also when you look at the global economic outlook the whole world is slowing," Thanos Vamvakidis, head of European G10 FX strategy at BofA Merrill Lynch, told CNBC.