Dennis Lockhart expects cautious and patient approach to rate hikes

In a statement at 18:15 the FED member for Atlanta Dennis Lockhart expects cautious and patient approach to rate hikes. Here is the most important from his speach:

Calls June job growth ‘strong and quite broad based’.

Uncertainty around Brexit, though not a “Lehman moment” could weigh on business investment and create an income headwind for years to come.

Little immediate impact on the US from Brexit vote, but has added to difficulty of assessing medium term outlook.

Fed meeting policy objectives on inflation and employment in 2017, already nearing full employment.

US economy still on track for 2% growth annually and ‘very brisk’ consumer spending.

No basis to assume Brexit vote changed growth path.

 Varchev Traders

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