Evans says that at the moment inflation is quite weak, would like to see it closer to 2%.

  • Fed is missing on employment and inflation mandates
  • Fed to keep buying assets until job market gains
  • Fed needs a little more time to assess policy effects
  • We need confidence that labor market improvement will continue

Basically a ‘wait-and-see’ approach which fits nicely with what most people expect from the Fed. It indicates that upcoming economic data will steer the ship.