Rosengren: The US is in better shape than many trading partners

• It's too early to talk about rate hike timing
• Exact timing will depend on incoming data, fiscal and international issues
• Fed's balance sheet is one reason we have very low rates
• It is appropriate to examine reducing the balance sheet
• Expects Fed to let the balance sheet reduce gradually
• Commercial real estate is certainly something to watch
• Fiscal policy is difficult to predict
• Privatising Freddie and Fannie Mac unlikely to happen quickly
• Freddie and Fannie privatising will not have a dramatic impact on Fed balance sheet

 There's nothing here that's moving markets.