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In a speech on the economy and the monetary policy, Boston Fed President Eric Rosengren argued that it may take several meetings before the Fed has a clear understanding of whether economic risks are becoming reality.  

Key quotes (via Reuters)

  • Earlier concerns that economy might overheat now seem ‘less pressing’.
  • Growth issues remain, including slowing Europe and China, trade, Brexit, European banks.
  • US economy likely to grow ‘somewhat above’ 2 pct in 2019, above trend, with inflation ‘very close’ to target.
  • US growth likely sufficient to improve labour markets without much risk of higher inflation.
  • Debt markets, foreign stocks still pricing in elevated risk.