Kocherlakota is speaking now, saying he strongly disagrees with the view that Fed policy is too easy and that given high unemployment and low inflation it is, if anything, too tight.

Added at 0019GMT : Difficult to draw meaningful market-moving conclusions from Kocherlakota’s words. The Fed has only just embarked on the next round of QE, we aren’t expecting anything more from them for a while. The speeches of Fed members at present are being read as explanations of this recent policy rather than prescriptions for new policy. Currencies are unchanging in response to Kocherlakota so far.