New York Federal Reserve President Dudley delivered a speech earlier, the key points (IMO):

Now the Q&A:

  • Inflation has come off sharply this year, "certainly a surprise"
  • Weak US inflation has caused investors to push back expectations for policy tightening
  • Disruption from Hurricane Harvey could lead to some gas price inflation
  • Not ready to 'throw the Philips curve out the window' though potential US employment may be higher than thought
  • Yet unclear whether weak inflation is temporary or more longer-lasting; next six months will be key to understand
  • Does not expect to adjust bond run-off plan based on moves in market yields
  • Re-appointing Yellen Fed chair would be 'fine choice'
  • US bond market yield curve currently 'average', not too flat

And, that's it for the audience Q&A, though there is likely to be some media Q&A to come