Lightly penciled in Dec rate hike
- Fed balance sheet unwinding to be boring and run on autopilot
- Reiterates very little slack left in labor market
- Fed balance sheet will be bigger than pre-crisis levels, Fed unsure what size will be
- With a labor market this tight, inflation is likely to reassert itself
- Good to prepare policy for future downturn
USD already underpinned before his speech ,Cable losing 0.5% in the first few hours of trading at 1.3117 writing this .