Federal Reserve Bank of Atlanta President Dennis Lockhart gave a speech in Dubai over the weekend; after wards he spoke with reporters. He had a few comments reported:
Asked about his growth forecast for the second quarter, he told reporters:
- “It is little early to say based on data. But I am pretty confident it will be at or exceed 3 percent.”
- “It may not be clear for several months, or even quarters, whether the U.S. economy is undeniably on a stronger and sustained growth path around a run rate of 3 percent”
Referring to tensions between Russia and the West over Ukraine:
- “I think there is risk that heightened conflict could produce volatility in global financial and commodity markets that, if prolonged, could spill over to the U.S. and global economies”
He also said that, generally, he saw the housing market improving and contributing to the brighter economic picture.
Lockhart said he expects the central bank will use a reverse-repurchase program when it eventually begins to tighten monetary policy:
- “I am confident reverse repos will be among our tool bag and will therefore may very well have a role in how we try to influence short-term interest rates,”
More (he had a lot to say so its worth reading the non-gated reports t Reuters and Bloomberg at the least) at Reuters, Bloomberg, Wall Street Journal (gated)
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Federal Reserve Bank of Atlanta President Dennis Lockhart does not have a vote on the FOMC this year
