Fed’s Lockhart is out now with words of caution, despite just last week saying we needed to hike 3 more times in 2016. Apparently, Friday’s jobs report really scared the shit out of him. As such, he merely believes we should hike twice more in 2016. Moreover, he’s quite pleased with the way Fed policy has ‘stimulated’ the economy, thus far.
“I think the combination of the jobs report on Friday and the Brexit consideration justify patience.
“We’ll have to see what Janet Yellen has to say at lunch time … I haven’t had a chance to consult with her quite yet,” says Lockhart
“I’m more inclined to think in terms of two moves between now and the end of the year”
Morons of the very first magnitude.
Lockhart is widely viewed as a hawk and is on record saying June would be a ‘live’ meeting. This new dovish tone by Lockhart might provide succor for equity longs today.
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