Fed's Robert Kaplan speaks in Houston

  • Accommodative policy likely to be appropriate for some time
  • Accommodation does not necessarily mean zero FFR
  • Return to normal interest rates will probably be gradual
  • Keeping rates at zero for too long can cause distortion that's painful to unwind
  • US making more progress towards full employment
  • Labour market slack needs to be viewed in global context
  • Sees GDP at 2-2.5% through 2016
  • Sees Inflation at 1.8% by end of 2016, 2.0% by end of 2017
  • Slower China growth trims US growth

A little bit of everything in there. Agrees with the current policies, doesn't want rates to low for too long

Not much to put him in either camp really