Fischer answering audience questions:
- Fed very close to employment goal
- 1.4% inflation is not in 'different universe' from goal
- We'd like to see inflation go up
- Price of oil could continue to decline
- US manufacturing growth has declined, Fed watching
- Fed policy is not predetermined
- Four hikes in 2016 is 'among the numbers being talked about' but not predetermined
- Policy will follow incoming information
This is so typical of the Yellen Fed. They come out and make bold pronouncements about rate hikes and when they're wrong they fall back on data dependency.
Meanwhile, when it looks like their ridiculous +3% growth and +2% inflation forecasts look possible, there is hardly a word about data dependence.
