Into some Q&A

  • FOMC must adapt to changes in the picture

  • We can wary the rate rise pace depending on world and US

  • A year ago the FOMC was anticipating 3% pace of growth

  • Policy divergence itself won't lead to a strong dollar

  • Fed cannot do anything about productivity

  • It could be we are in a low productivity regime and we have to plan for a low growth regime ("could be" ??)

  • IF GDP data is in conflict with labour market data then jobs data wins

From "more nearly correct" to "substantially positive".