Fed's Quarles: 'Very comfortable' remaining patient at this point
Comments from Quarles in New York
- Core inflation near 2%, overall inflation muted
- His estimate of neutral is above where the Fed is now
- Current vulnerabilities not outside their normal range
- Watching data as some indication growth has slowed
- Optimistic on US outlook, can maintain healthy growth
Quarles said interest rate hikes may yet be needed.