St Louis Fed director of research Christopher Waller on Bloomberg Radio:

  • Most economic data has been 'reasonably good'
  • If the unemployment rate is still down
  • If you get past the drop oil prices, Feb-July CPI inflation running at 2.9% annualized rate and PCE inflation running at 2.2%
  • Inflation is a lot closer to 2% than just looking at core on year-over-year inflation
  • Inflation will be on target "before we know it"

It's about the furthest thing from a comment from Yellen but it's still another hawkish drop in the bucket and it won't take too many more drops before the level of the water in the bucket rises.