Dallas Fed President speaks
Speaking on CNBC
- we are a little below neutral policy rate
- He is seeing high level of uncertainty
- He thinks the Fed ought to be very gradual impatient
- We have the luxury of patience with muted inflation
- Says inflation isn’t running away from US
- companies are widely affected by trade tensions
- If global growth slows, US won’t be immune
- Sees growth slowing next year. Does not see a bad year though.
Yesterday in the Beige Book, the Dallas and Philadelphia Fed reported “slower growth”. Kaplan is not a voting member in 2018 or 2019.