Fed's Brainard speaking
- activity has picked up, job market is more positive
- new Fed policy framework implies "resolute patience"
- will take some time for substantial further progress
- Outlook considerably brighter but uncertainty remains
- watching inflation expectations data carefully, but says little evidence a tightening economy will produce outsized price moves
- moving too soon risks unwarranted loss of opportunity for the unemployed
- much uncertainty around pace of recovery, given issues like how much stimulus money will be spent vs. saved
Brainard is positive but toes the Feds mantra toward being patient given the expected transitory inflationary effects as well as the employment risks.
