Bullard in the Q&A:

  • Need to keep repeating that Fed rate path shallow
  • Sees stronger economy, his dots higher than median
  • Rate path will be data dependent
  • Another shock could cause rate pause

Lacker in the Q&A:

  • Case for Fed raising rates now is 'strong'
  • Not surprised by populist anger against the Fed
  • Concerned FOMC will be in 25-bps per meeting rut
  • 'Gradual' just an expectation, could change

Same old stuff. Dudley is up in a few minutes.