Without actually saying it, this is about as clear as it gets.

  • A new round of QE may not spur more lending
  • Inflation now consistent with price stability
  • Benefits of keeping rates low outweigh costs
  • Economy likely to grow 2.5-3.0% this year
  • Economy gaining strength but “in some ways still getting its legs”
  • Lockhart is a voter this year

MNI’s Beckner has more.

Update: in the audience Q&A he adds that caution and uncertainty from consumers and businesses are are drag on the economy.