Speaking at an SNB event
- Fed funds rate to be the primary policy tool over the next few years
- It is not surprising that inflation hasn’t picked up more
- The new normal for FFR is around 2.5%
- Says he supports a gradual rise in rates
- We have quite a bit of room to reduce rates in response to negative economic developments if needed
- We are as close as we have been in my career to our goals on unemployment and inflation
Not much here to get USD traders pulses racing.