New Vice Chair
He adds:
- sees high savings, lower taxes as tailwinds for the economy
- pickup in capital expenditures isn't just an oil industry story
- he adjust rate hike path based on economic performance
- sees scope for job market to strengthen without more inflation
- monetary policy risks less skewed to the downside
- wage growth gains consistent with productivity
- important to monitor inflation expectations closely
- household well-placed to maintain or lift consumption
- monetary policy remains accommodative, higher rates appropriate as removal of extraordinary steps taken during financial crisis
- possible trend growth has shifted higher and structural imp unemployment moved lower
- possible productivity is beginning to improve (good for growth)
- in deciding on ultimate destination of rates, will evaluate a wide range of indicators to see how inflation, growth and unemployment are behaving
- signals on inflation not flashing red