Comments from the SF Fed leader
- Expects GDP growth around 2% this year
- Feels good on employment goal, a little less on inflation
- Fed's credibility depends on delivering 2% inflation target
- Need to be vigilant about falling inflation expectations
- Seeing signs inflation expectations are edging lower
There isn't much on monetary policy here but it skews dovishly. This is going to be part of a long march towards a rate cut.
