Fed's Clarida: If year-end inflation has not declined from mid-year that might be 'good evidence' that it's not transitory

Clarida on TV:

• Substantial progress is 'actual progress'
• We will have ample opportunities as data comes in to inform Fed observers on our progress
• 2% inflation as a ceiling does not serve our economy very well
• Higher headline inflation this year will be transitory
• US is going to be growing rapidly this year relative to other countries and he expects the current account deficit to widen
• If inflation at the end of the year has not declined from where it is at the middle of the year that might be 'good evidence' that inflation is not transitory