- Disappointed on US growth data so far this year
- sees longer-term US growth rate at about 2%; frustrated with sluggish pace
- Fed cannot ignore softening abroad
- External sectors should not dictate policy
- Core inflation data seem to be firming, but too early to come to be definitive.
- Monetary policy is not a panacea
- CPI report didn't change picture dramatically
- Not sure we are seeing broad based inflation pressures that we want
- Market scares from Jan/Feb has abated
- We are not due for a recession
- with right policies, US economy continue to grow
- expansions don't die of old age
- negative rates currently not relevant to US
- Negative rates could hurt banking profits/money market infrastructure
Lockhart said earlier he was disappointed with the 1Q GDP and that April was off the table for him.
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