Minneapolis Federal Reserve Bank President Narayana Kocherlakota speech on goal-based monetary policy in St. Paul.
Minneapolis Fed president Narayana Kocherlakota is not in a hurry to raise policy rates. Today, he indicated that based on economic conditions that policy rates should not be raised in 2015. He stated that below-2 percent inflation gives the Fed room to delay. He expects it to take a few years for inflation to return to the Fed target of 2 percent y/y. Kocherlakota attributes the decline in the unemployment rate to a drop in job seekers.
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