Comments from Minneapolis Fed President Kocherlakota:

  • Low inflation 'huge opportunity' for the Fed
  • Jobs progress has 'slowed sharply'
  • Full text

Key passage:

"I believe the FOMC should take actions to facilitate a resumption of the 2014 improvement in the labor market by adopting a more accommodative policy stance. Remember, inflation is low, and is expected to remain low, relative to the FOMC's target. In particular, I don't see raising the target range for the fed funds rate above its current low level in 2015 or 2016 as being consistent with the pursuit of the kind of labor market outcomes that we are charged with delivering. Indeed, I would be open to the possibility of reducing the fed funds target funds range even further, as a way of producing better labor market outcomes."

Kocherlakota is the biggest dove in global central banking. He dissented in favor of the Fed adding more stimulus. In his defense, the Fed is nowhere near the inflation target but he's marginalized himself so far outside the core of Fed thinking that his comments have no impact.

He will take questions afterwards so there are more headlines coming. The FOMC Minutes are due in an hour and Bullard also speaks later.