Robert Kaplan is president of the Federal Reserve Bank of Dallas

He is speaking as part of a Q&A event at the Dallas Security Traders Association

  • Says each regional Federal Reserve branch has its own views on GDP, unemployment. The divergences between the regional views is not that great.
  • Expects US GDP to grow 1.75 to 2% this year, driven by consumer spending
  • We need action to increase the size of the workforce through immigration and vocational training
  • Making good progress on getting to full employment, lagging on meeting the Federal Reserve's inflation target
  • US economy is not overheating
  • We need structural reform, fiscal policy to grow faster
  • Starting in 2017 the future looks 'reasonably good' for energy, oil
  • Says world will need to get used to slower China growth
  • Could have periods of crisis in China that tightens financial market conditions elsewhere
  • Says Fed should use policy tools judiciously, monetary policy has limits
  • Low rates create distortions, do not want to continue with them indefinitely
  • Does not want to speculate on what meeting the Fed will raise rates
  • Does not see enough uncertainty reflected in trade of US stocks and debt

Headlines via Reuters

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Adam had remarks from Kaplan earlier on Friday (US time) here: Fed's Kaplan: Repeats that Fed can afford to be patient

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