Fed’s Kaplan: Inflation is slow and uneven but don’t think trend deteriorating

Kaplan at an event in New York
– Not much slack left in labor market
– Sees inflation slowly rising to 2% over next few years
– Unemployment rate to decline further this year
‘Global overcapacity’ is about to be the new economics buzzword. It means that there are 7 billion people in the world and we can offshore your job or factor in a week.