Kocherlakota’s speech was released 15 minutes early:
- Timing of lift off is data dependent
- Repeats that he doesn’t see PCE inflation above 2% before 2018
- Labor market outcomes ‘distressingly weak’
- Hiking in 2015 is inappropriate due to low inflation
If you can believe it, Kocherlakota was once thought of as one of the more-hawkish Fed members.
