"Data needs to improve". Feds Mester also speaking.
- Conditions still not met for Fed to warrant a rate rise
- Q1 US growth may have slowed well below Q4 pace
- Inflation remains stubbornly below. Fed's 2% target.
- March employment report was disappointing
- The path of rates after liftoff may not need to follow a steeper course as in previous recoveries
- The absence of wage and price pressures consistent with some slack still remaining in the labor markets.
- His own estimate of long-run unemployment rate is 5%
He is speaking at Chatham House in London
Rosengren is not a voting member on the FOMC policy making board this year.
In other Fed speak, Cleveland fed Pres. Loretta Mester (nonvoting FOMC member) has added her two cents.
Specifically, she said:
- liftoff relatively soon as growth regains momentum
- Confident inflation to return to target by late 2016
- Early liftoff can ensure further rate rises on gradual
- She expects first-quarter slowdown to prove temporary
- She estimates that growth strengthening to 3% for rest of 2015 and 2016
- March payroll likely temporary
