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