Comments from Kaplan in Dallas:

  • 2016 will be a tough year for oil due to oversupply
  • US services sector is very strong
  • We think a recession in 2016 is very unlikely
  • Expects solid if not spectacular growth this year
  • Wants more evidence Fed will meet inflation objective
  • Probably more slack in economy than historically
  • US Fed jobs report was good

Kaplan is proving to be more of a dove.