Comments from Minneapolis Fed President Kocherlakota:

  • US economy may well have contracted in Q1
  • 2014 gains in US jobs market show recession did not do permanent damage
  • Need 3 more years of 2014-like jobs growth to reach full employment
  • Fed should aim to boost labor market back to late-2006 strength

None of this is any surprise from Kocherlakota, who is the biggest dove at the Fed.