Comments from NY Fed President John Williams
Europe and Asia lead to less optimism about world growth
Doesn't see worrying signs of inflation pressure
Will reassess balance sheet policy if conditions change
High growth would warrant somewhat higher rates
Tailwinds have lost gust; rates closer to normal
Shutdown, geopolitical uncertainty emerging headwinds
US GDP growth about 2.0-2.5% in 2019 vs 3.0% in 2018
Motto of data dependence more relevant than ever
Labor market strong
Once again, the key word is 'patience'. There's a near-unanimous consensus among Fed officials on the need for patience, which is a code word for waiting at least a few months before hiking.