Lockhart: Keep “extended period” until time to hike

An odd headline on Reuters quotes Atlanta Fed President Lockhart as saying the Fed should retain the phrase that they will keep rates usually low for an extended period until the Fed is ready to hike rates. To him, extended period means not imminent. So dropping the phrase means imminent, I guess. New York Fed chief Dudley says s “extended period” means six months. I’ll go with Dudley…