Speaking on CNBC

Kaplan on CNBC

  • Sees growth at 2%
  • As long as consumer remain strong, expects solid growth
  • Part of Fed job is to be forward looking
  • Taking all the time to access the economy until September
  • Will have an open mind about further action if needed
  • he back the Fed's July rate cut
  • manufacturing, global growth slowing
  • would like to avoid taking further action on rates
  • risks to 2% growth forecast is to the downside
  • focused on what is the growth potential of the US economy
  • we need policy that fits the US economy
  • disagreement among Fed policymakers is healthy
  • businesses have gotten more cautious due to trade uncertainty
  • want to be careful about cutting rates unless have to
  • if wait until consumer starts to slow, we waited too long

The Dallas Fed President is not a voting member in 2019, but is the Pres of arguably the most diversified and important economic regions in the US.

His comments are a bit more cautious/dovish vs. the comments made in July (see prior post).

CNBC interviews from Jackson Hole will continue tomorrow with

  • James Bullard at 7:30 AM ET
  • Loretta Mester at 8:30 AM ET.
  • BOE Mark Carney will speak after the close at 5:30 PM ET.
  • Gita Gopinath IMF Chief Economist will speak at 11:30 AM ET.