Here is the link to Lael Brainard's testimony from June,earlier this year. She is the last of the Fed to speak on Tuesday 12 Sep, before blackout commences.
She is a well-known dove, here is an excerpt from her speech;
"On balance, recent developments have signalled continued progress toward our goals. While signs of weakness in business investment and global demand remain, consumption and residential investment have held firm, and the labour market has moved closer to full employment. At the same time, the relative stabilisation in the dollar and oil prices in recent months has boosted somewhat the likelihood of a return to 2 percent inflation over the medium term. However, the data on progress toward our inflation objective are equivocal. Measures of underlying inflation have yet to convincingly signal a move back to 2 percent, and inflation expectations appear low, as I noted earlier.
I want to emphasize that monetary policy is data dependent and is not on a preset course. In this regard, I look forward to hearing the deliberations of the Committee. Recognizing the data we have on hand for the second quarter is quite mixed and still limited, and there is important near-term uncertainty, there would appear to be an advantage to waiting until developments provide greater confidence.
Prudent risk-management would suggest the risks from waiting until the totality of the data provides greater confidence in a rebound in domestic activity, ............progress toward our objectives and not as inevitable steps on a preset course....."
To conclude, recent economic developments have been mixed, and important downside risks remain. In this environment, prudent risk management implies there is a benefit to waiting for additional data to provide confidence that domestic activity has rebounded strongly and reassurance that near-term international events will not derail progress toward our goals. In addition, because the depressed level of the neutral rate of interest reflects forces that are likely to persist, the appropriate path of policy is likely to remain shallow for several years."
Be interesting to see how much she departs from the above, data has not been great of late, NFP number was a miss and Capital Goods data was anaemic.
Brainard's comments should calm the markets considerably, in the short term, IMHO.
(20min delay)