• Infrastructure investment would help counter any headwinds
• Hidden slack helped reduce labour force participation
• 6.5% unemployment rate has never been the Fed’s unemployment target
• Fed monitoring a broad range of labour gauges
• Fiscal policy has been unusually tight
• Low interest rates prompt a reach for yield
• Fed needs to monitor risks from low interest rates
• Doesn’t see broad financial stability risks at the moment
• Would never rule out restarting asset purchases
• Unemployment causes psychological trauma and often brings health costs