Kaplan continues to hint that he will do whatever he's told
- Repeats that he has an open mind about December hike
- Needs to see evidence that cyclical upward inflation pressure will offset structural downward pressure
- Looks at details of inflation measures, M&A activity, to judge strength of cyclical inflation
- Says Fed can afford to be patient
That comment on M&A is out there. I'd like to see the stats to back that up, and then I'm going to need to be convinced there's a genuine signal there.
