More comments from Lockhart:
- Fed will not have a great deal more inflation data by Jan and March policy meetings to make a call on 2nd hike
- Several more weeks of global turmoil may hurt economy
- IOER likely a permanent Fed tool
- If China turmoil and other volatility last too long it could revise views on US economy
- Fed will consider reducing balance sheet only after it is clear that normalization of rates has gone smoothly and economy healthy
- Fed will not have a great deal more inflation data by Jan and March policy meetings to make a call on 2nd hike
That's the first real hint we've had that the Fed will avoid hiking rates in March.