Comments from Lockhart in Savannah
- Fed monitoring global and financial developments
- Start of the year was 'rough' cites Chinese slowdown
- Sees US growth a 2-2.5% this year
- Fed getting 'closer and closer' to full employment
- 'Patient approach made sense' at March FOMC
- Fed remains on 'gradual path' of rate hikes
- Decision to hold last week reflected global conditions not a change in the US outlook
- Possible rate hikes rest heavily on continued strong consumer demand
Lockhart is a good barometer of the core of the FOMC. It's interesting that he's the second Fed member that touched on an April hike today. I didn't sense any urgency from Lockhart or Williams but they're lightly pushing back on the dovish Fed theme.
