Federal Reserve Governor Lael Brainard in Chicago

  • Fed should be careful not to removing accommodation too quickly
  • Progress toward full employment likely to be gradual
  • Inflation is 'noticeably below target'
  • Alternative tools are untried; their uncertain efficacy is a reason for cautious policies
  • Policy should be tilted somewhat in favor of guarding against risk of pre-emptively raising rates

Dovish stuff.

Brainard is making the case, in the clearest terms, for waiting. These are even stronger comments than what she said before the June Fed.

To me, this is a clear sign that the Fed isn't going to move in 9 days.

There will be a Q&A after the speech.