- timing and pace of rate rises will be data dependent
- sees no troubling buildup of frothy financial conditions
- favours raising rates “fairly gradually”
- expects inflation to gradually rise to Fed’s 2% goal
- jobless rate understimates remaining labour market slack
- labour market progress continuing despite March data
- expects US economy will support rate lift-off later in 2015
- first rate rise could come as soon as June
- Fed should look for more proof that labour markets tightening
Fed’s Powell aka “the lone Republican” in a speech in NY
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