Clarida on TV:

  • Substantial progress is 'actual progress'
  • We will have ample opportunities as data comes in to inform Fed observers on our progress
  • 2% inflation as a ceiling does not serve our economy very well
  • Higher headline inflation this year will be transitory
  • US is going to be growing rapidly this year relative to other countries and he expects the current account deficit to widen
  • If inflation at the end of the year has not declined from where it is at the middle of the year that might be 'good evidence' that inflation is not transitory