Comments from Harker
- No one I talk to says the cost of capital is inhibiting business investment
- If downside risks materialize or look like they're materializing then we could act
- We have to act when we see a shock, I don't see that
- It's reasonable if you're on a corporate board not to make a move until trade uncertainty clears up
- Inflation clearly is a conundrum, we don't understand why it's been so low for so long
- We should stay the course and see how things unfold
- We need to keep an eye on leveraged lending but it doesn't warrant action at this point
- We're close enough to 2% inflation that we don't need to take action
- Hasn't changed outlook based on trade wars
If Powell hits these same notes then we're going to get a big bid in the yen and risk assets will crumble.
