He's still going

  • 25bps hike won't have a big effect on consumption
  • USD has risen pretty substantially since mid-2014 (NSS)
  • Greater strength in dollar may not be priced in yet
  • Divergence of Fed from other major central banks could push dollar higher still

He's picked up on the 25 handle jump since mid-2014 but ignores the 30 odd handles since the 2011 lows to May 2014

Tarullo was up with comments too but as expected he's bleating on about regulation