Comments from Kaplan:

  • US is not immune to global growth slowdown
  • Expect consumer spending to be strong, but it is fragile
  • Doesn't view cuts as start of full-fledged easing cycle
  • US household balance sheets are in good shape
  • Hopefully we'll be able to grow the economy at potential

He said earlier this week that he's agnostic about a cut at month-end.