Comments from Minneapolis Fed President Narayana Kocherlakota:
- Repeats comment from May that Fed should consider price-level targeting
- Fed must look through transitory inflation fluctuations, including recent firming
- Repeats expectation for US joblessness of just over 5% in long run
- 6.1% unemployment a welcome improvement
- Jobs market still shows under-utilization
There’s nothing surprising there. He will take audience questions after his speech.
