Fed Lockhart won’t comment on likely outcome of next three Fed meetings

• Expects a lively discussion over whether current inflation and unemployment readings are consistent with the policy rate still close to zero

• The economic momentum is adequate to achieve the Feds goals in the medium-term

• Won’t comment on likely outcome of next three meetings

• Expects strong second half growth this year of 3% annualised rate

• Remaining labour market slack is relatively small

• Lack of progress on inflation remains an awkward piece of the Fed’s puzzle but is confident it will increase as the labour market improves

• Serious discussion on hike is needed at the September meeting

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