Wells Fargo chairman and CEO John Stumpf said Thursday the real
economy in the U.S. was stronger than most people thought, noting
the strength in the first quarter and predicted second quarter GDP
would "surprise to the upside."
He said Wells Fargo's mortgage origination volume in the second
quarter was a bit "disappointing" but he remained "quite bullish"
overall.
"Even though housing is up, you know, 8% year over year,
probably not as strong a selling season as we would have hoped, but
we're still quite bullish on housing," he said.
About the Federal Reserve's quantitative easing he said he was
happy the Fed was tapering and that we should have rates
"normalized" to the economy.
"There's a difference between it not doing any good and it doing
something horrific that comes back to haunt us," he said.
Full story at www.cnbc.com
Write to nymonitoring@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires