Fed's Lockhart: We're waiting for the market to tell us what to do

Lockhart answering audience questions

What he actually said was "market volatility to play a role in rate-hike decision" but the Fed playbook is never to upset the equity market.

Earlier Lockhart highlighted consumer data as a key metric on whether the Fed will hike. The US retail sales report is due next Tuesday and is certainly the highlight next week.

Other comments from Lockhart:

• Watching European experiments with negative rates, though 'not very plausible' in US
• He's slightly less confident today than he was six weeks ago
• The balance of risks is a little more to the downside