• Timing of rate lift-off to be data-dependent

His speech is similar to one from Nov 12, where he said he doesn’t see inflation at 2% until 2018.

Updated comments to reporters:

  • We are creating a risk to ourselves on the credibility of our inflation target
  • Global risks on inflation and growth have gotten more gloomy recently
  • Unlikely that inflation could improve enough to support at 2015 rate hike
  • He expects to have the same misgivings in Dec as he had in Oct when he dissented

He makes a good point.