Federal Reserve's Randal Quarles, vice-chairman for financial supervision on the Fed's board of governors spoke a little earlier on the economy and monetary policy

He sees the economy and on the verge of a sustained period of growth and hence gradual interest rate rises are appropriate. It's the usual sort of stuff we've been hearing from Fed officials.

  • "Some of the factors that have been holding back growth in recent years could shift, moving the economy onto a higher growth trajectory"
  • "I currently see this shift more as a clear possibility than an unarguable reality."
  • "With my current economic outlook, I anticipate that further gradual increases in the policy rate will be appropriate to both sustain a healthy labor market and stabilize inflation around our 2 percent objective"

He didn't go all in ... a hedge:

  • productivity growth continued to be lacklustre
  • longer-term risk posed by growing federal debt

Ungated reports on his speech are at

and a gated piece at the Financial Times