Rosengren is president and CEO of the Federal Reserve Bank of Boston Comments come via an interview he had with the Wall Street Journal
Following a speech and Q&A from him earlier (headlines here):
- Unemployment to fall back to pre-pandemic levels over the next couple of years
- Comfortable with above 2% inflation for a while
From the WSJ now (link, may be gated):
- "Being too precise about exactly when lift off is going to be, I don't think we have that foresight to be quite honest,"
- When it comes to when the economy has recovered enough for the Fed to contemplate raising rates, "I think we're two years away from when that likely is going to become a much more important question,"
- "We still have a lot of labor market slack, the [labor force] participation rate is still quite low relative to prior to the pandemic, and the unemployment rate is still at 6%. So we need to get rid of the slack, have a sustained inflation rate, before we need to worry about raising rates,"
The time frame mentioned by R seems to be a consensus at the Fed, but I did note perhaps some dissent from Vice-Chair Clarida late on Friday last week.
