Fed's Jeffrey Lacker on "The case against further delay"
- August jobs report is unlikely to materially alter picture
- US no longer requires zero interest rates
- Exceptionally low rates no longer warranted by jobs market
- Further improvements in labour markets have materialised
- It's time to align our monetary policy with the significant progress we have made
- Thinks the case for raising is still strong
- Waiting too long could require more dramatic hikes
- More slack in labour market than usual for 5.3% unemployment
No shock as to the tone of the comments from super hawk Lacker. Yellen said they wanted more from the jobs market, Lacker says they've got it
USDJPY put on a whopping 20 pips to 119.30