Federal Reserve Board of Governors member Lael Brainard

Normally towards the dovish end of the spectrum

  • Gradual u.s. rate hikes likely appropriate
  • Greater confidence inflation will rise to 2-pct target
  • Encouraged by 'substantial' fiscal stimulus, full employment, above-trend growth
  • Persistently low inflation raises risk that underlying prices have softened
  • Would welcome 'mild temporary' overshoot of inflation target
  • Falling unemployment raises risk of financial imbalances; unclear how much labor slack remains
  • Wages remain somewhat below pre-crisis levels
  • 'Headwinds shifting to tailwinds,' but ready to slow or quicken rate hikes if forecasts wrong
  • Encouraged by global growth, foreign demand, higher oil prices, softer dollar
  • Stocks 'elevated'; corp bond spreads 'quite compressed'; yet overall risks moderate

Headlines taken from the text of her speech, comes via Reuters

A slightly less dovish set of comments from LB than I'd normally expect.