Fed’s Kaplan: Fed should be very cautious, patient in raising rates further

Speaking at a Q&A event, Dallas Fed President Robert Kaplan said that the Fed should be very cautious and patient in raising rates further.

Key quotes (via Reuters):

  • I see rebound in economic growth for rest of year
  • Inflation is very muted right now, some of it is maybe idiosyncratic
  • Biggest headwind to U.S. growth is demographic; need to ‘come to grips’ with immigration
  • One solution to slow U.S. growth is more integration with the rest of the world
  • Running a trade deficit with Mexico strengthens U.S. economy, boost jobs
  • Pretty darn close to full employment
  • We’ve been surprised at how muted inflation has been
  • I need to see improvement in inflation
  • Monetary policy accommodation ‘isn’t free’

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