New York Fed's Daniel Tarullo talks at regulatory event in New York 4 June 2015
- Weakness in Q2 may not be as transitory as last year
- We have lost some momentum in the underlying performance of the economy
- We need to see whether the data points to degradation of performance or whether they bounce back
- Data dependency to be key amid weakness signs
- There are more questions on the economy this year than in 2014
- Strong job creation is not being accompanied by equally strong wage growth
- Q1 weakness cannot be solely tied to seasonality
To be honest this is the most I've ever heard from him on the economy and monetary policy, and none on his specialist subject of regulation. Checking back, Adam reported four lines from him back in October, Eamonn had two and five Apr 2014, and I had 3 in Feb 2014. With 7 today Littlestone wins again :-D
The comments lean towards the dovish side of the road but there's no effect on the buck. He's now gone back to regulatory stuff which is my cue to switch off
