Lockhart says he wants to examine more data before removing “considerable time.”
- Won’t necessarily drop ‘considerable time’ at QE3 end
- Fed guidance likely to change in Oct due to end of bond purchases
- Worse to have to reverse course on rates than wait too long for liftoff
- Fed needs more data to confirm growth will continue before raising rates
- Hike Fed funds rate in Q1 would be ‘premature’