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.