Lockhart says he wants to examine more data before removing “considerable time.”

  • Won’t necessarily drop ‘considerable time’ at QE3 end
  • Fed guidance likely to change in Oct due to end of bond purchases
  • Worse to have to reverse course on rates than wait too long for liftoff
  • Fed needs more data to confirm growth will continue before raising rates
  • Hike Fed funds rate in Q1 would be ‘premature’