The Fed's Rosengren speaks in Idaho:
- Fed should wait to see how Greek crisis unfolds
- Not obvious that Greek crisis will slow US
- Fed should wait until it has confidence on inflation
- Greece adds uncertainty to forecasts of US economy
- Most troubling fact is that inflation is below 2%
- Lowered his estimated natural level of unemployment to 5%, may adjust again
- Expects inflation to rise enough to consider initial hike
- No word on whether there will be audience/media Q&A but he usually takes questions
Mildly hawkish comments from someone who is usually dovish. They've given the US dollar a bit of a lift but worries about Greece are also weighing on the euro at the same time.