Into some Q&A
FOMC must adapt to changes in the picture
We can wary the rate rise pace depending on world and US
A year ago the FOMC was anticipating 3% pace of growth
Policy divergence itself won't lead to a strong dollar
Fed cannot do anything about productivity
It could be we are in a low productivity regime and we have to plan for a low growth regime ("could be" ??)
IF GDP data is in conflict with labour market data then jobs data wins
From "more nearly correct" to "substantially positive".