Fed's Kaplan speaks in Midland, Texas

  • High US debt levels are an impediment to future growth

Fed members are coming around to the idea that their models for what inflation should be doing could be flawed. It only took about 7 years.

More:

  • I want to be patient and wait for more information
  • Not saying I want to raise rates again this year
  • Tight labor market argues for some accommodation removal

Kaplan has been transparent on where he stands. He's solidly in the wait-and-see camp.