FOMC minutes response - inflation dip transitory

Greg was all over the Federal Open Market Committee minutes, post here:

• FOMC May meeting minutes: Patient approach appropriate to policy for some time

I posted a response here:

• FOMC minutes response - No precautionary rate cut coming

Remarks now via Westpac, this in brief:

• minutes... showed there was widespread agreement that the recent dip in PCE inflation was likely "transitory"
• commitment to a patient approach remains strong
• stance likely to be appropriate "for some time" even if global conditions continued to improve

Westpac add on some of the comments from the Fed officials:

• generally espoused a patient and balanced stance
• Williams noted that he doesn't see any strong arguments to move interest rates, "one way or the other"
• Rosengren... sees, "no clarion call," to raise interest rates any time soon
• Bullard didn't rule out a cut later this year if inflation continued to disappoint