Earlier comments here: Federal Reserve’s Kocherlakota: Inflation is well below Fed’s goal

More now:

  • I expect interest rates to rise gradually as recovery continues
  • We can afford to stay accommodative as the recovery proceeds
  • We need to do a better job of letting people know ‘the fed has the economy’s back’
  • Concerned that inflation is as low as it is
  • Wage growth has been very slow, because of low demand; makes goods and services seem more expensive
  • Says calls to ‘audit the Fed’ are really calls for politicians to have more say on monetary policy