And on he goes
– There’s uncertainty about how employment affects rates
– Actual inflation is not needed for confidence on 2% target
– Negative rates aren’t on the table right now
If the Fed are going to raise rates this year they need to do so with an immensely bullish statement on the economy, and I mean go to town on it. If they raise with these sorts of ‘maybe’s’, ‘might-do’s’ and generally uncertain flim flam like Dudley is coming out with, the market and the economy is going to spank their arses