Lockhart to reporters:
- Waiting a meeting or two won't be decisive for US economy
- There is some evidence inflation is firming but low global commodity prices remain a concern if they signal weak global demand
- Sees gradual pace of rate hikes as meaning something less than a hike at every meeting
- Immediate risk of spillover from Greece has receded but any agreement must still be implemented
- Progress on inflation important in setting pace of hikes after liftoff
The final line is the important one. It means that the first hike doesn't depend on inflation, it's already a done deal. But beyond that, the Fed isn't hiking until it's more confident.
