Fed’s Kocherlakota says Fed should be ready to to use more QE to lift inflation to goal

• Says there should be no rate rises while the inflation outlook is sub 2%
• FOMC created unacceptable downside inflation risks
• Failure to act risks harmful inflation downslide
• Hard for fed to respond if inflation gets to low

Narayana Kocherlakota was a dissenter on the FOMC and sounds very bitter about things. He’s due to step down in 2016 and is not a voter next year