- Calls for very patient approach to to removing Fed accommodative policy
- Still high unemployment and absence of inflationary pressures suggest significant slack in economy
- Unemployment rate probably understates degree of slack, and economy will still have slack if Fed’s 6.5% threshold met
- Labour market improvement vitally important
- Hard to tell if weak jobs data is due to weather or reflects economic slowdown. Will make Feb employment report difficult to interpret
- Sees unemployment falling to 5.25% by mid 2016
Boston Fed head Eric Rosengren speaking at the Boston economic club
