Fed's Collins
- Too soon to say if inflation is retreating to 2%
- Appropriate for US central bank to remain patient on mon pol
- Remains 'realistic optimist' on economy and mon pol
- Recent inflation data has been encouraging
- Economy has been remarkably resilient
- Restoring price stability may take more time than thought
- Inflation is still stubbornly above target
This isn't dovish. We're still a ways away from the Fed hike. It's increasingly clear to me that the Fed is going to fall behind the curve. They will start to cut but it's a long ways from 5.25-5.50% and something that is going to lift the economy.
