Comments from the Dallas Fed President:
- Fed faces 'tricky' global situation
- There is a cost to keep rates at zero
- Don't want to be in a position of liftoff followed by cut back to zero
- Rate liftoff has become a psychological barrier
- Inflation is low for both transitory and more structural reasons
- China not irrelevant, slowdown affects US GDP
- Many inflation headwinds, including aging population
Kaplan is still relatively new and unknown but he certainly sounds less hawkish the Richard Fisher, who was his predecessor.
