San Francisco Federal Reserve President Janet Yellen gave a speech in Idaho yesterday. You can read it at the San Francisco Federal Reserve site.
I prefer Doug Kass’ overview of Yellen’s speech:
1. Inflation most likely to move gradually lower.
prudent to allow for lags.
3. Less sanguine about labor costs than
4. Must have bias towards further rate hikes.
5. Inflation remains uncomforably high.
6. Energy, low
savings also risks to growth.
7. Inflation may slow faster than
8. Cooling housing may damp consumer spending.
Need slowdown in growth underway.
10. Credibility requires we act