Comments from Fischer:

  • "Transitory" slowdown will pass in Q2
  • US currently close to full employment, expects continued improvement
  • "Encouraging" to see signs of wage pickup
  • Fed will try to be clear about any future rate hike in an effort to limit the impact on other countries
  • "Tentative" signs of rising wages should boost confidence that inflation will gradually rise toward Fed's target
  • Currently close to full employment
  • Lag in monetary policy means the Fed can't wait to raise rates until objectives have been fully met

Hawkish stuff from Fischer but no response in the US dollar.