Fed's Daly says the Fed is not even talking about rate hikes. So, the Fed is talking about rate hikes?

Mary Daly is head of the San Francisco Federal Reserve branch, she spoke on Tuesday US time, main points here:

• Fed's Daly: Looking to the fall to get some more clarity on economy

This one stuck out to me:

• Rate change discussion isn't even on the table

I'm old enough to remember when a taper discussion wasn't even on the table, and yet here we are. Tee hee. Its clenched bum time around the FOMC table right now, awaiting evidence for their prior that inflation is temporary ... and if that evidence does not arrive hold on for the "its time to talk about talking about a rate hike" news cycle.

Let's get the taper conversation out of the way first though.

Dallas Fed President Kaplan was quite noisy about beginning to discuss taper, ears out for when he mentions its time to abandon emergency rate levels: