Not a voting member in 2016

  • Time will tell if fed is behind curve.
  • Sees word gradual as function of FOMC forecasts
  • Challenge is to not be predictable or surprise markets.
  • Stable oil, US dollar would push inflation up noticeably.
  • Public should see every FOMC meeting is Live Meeting
  • Too soon to see if he favors fed rate rise in January
  • FOMC sees balance sheet shrinking as data dependent
    • Lacker is a hawk. The market is not reacting to his comments.
    The stock market continues to be pressured:
  • S&P is down 1.21%
  • NASDAQ is down 1.11%
  • Dow is down 287 points or 1.64%
    • US bond yields are nearer low yield levels for the day
  • 2-year 0.964% minus 2 basis points
  • 10 year 2.1987%, -2.4 basis points
  • 30 year 2.908% -2 basis points
    • Gold is up 1.5% on the day.
    Crude oil is trading at $34.61. The low for the day is $34.29. The high is $35.57