I don’t know how he can say this stuff without blushing.

  • Fed must keep up stimulus, and possibly add more, even if inflation rises above 2% target
  • Fed should keep up stimulus even as employment grows and asset prices rise unusually high
  • Low inflation shows there’s a lot of room for Fed to provide much-needed stimulus
  • Current outlook for gradual decline in unemployment rate should trigger more stimulus

That’s as dovish as it gets.