• Decision on further easing is cost-benefit analysis
  • Still in the process of weighing all considerations
  • Set amount or open-ended purchases are both options
  • Housing appears to be stabilizing and improving
  • Progress in labor market has slowed
  • Economic data in last month has been “firm”
  • Sees more appetite for risk
  • Disinflation and deflation not now a concern

In the past, disinflation was the main driver for QE operations. Obviously, Lockhart is still on the fence but it’s hard to see how enough factors could align for a move in Sept.