Comments from Atlanta Fed President Lockhart:

  • Supported decision to delay rate rise to allow more time to see if recent market volatility will translate into a significant shock to the US economy
  • Still expects Fed to increase rates later this year
  • Not concerned about markets, per se, but worried that financial conditions could hurt US growth
  • Risks of global uncertainty likely only modest but significant enough to justify delayed liftoff
  • He is not convinced economy is at full employment but enough progress has been made to justify raising rates
  • Is concerned about lack of progress towards inflation target but is confident enough to support a hike in a 'coming' meeting

The US dollar is under a little bit of pressure after these comments but, if anything, he sounds like he still wants to hike this year.