Statement

Name: Patrick T. Harker

Summary: An Economic Outlook: "Although I cannot give you a definitive path for how policy will evolve, it might prove prudent to wait until the inflation data are stronger before we undertake a second rate hike. Thus, I am approaching near-term policy a bit more cautiously than I did a few months ago... I believe as we move into the second half of the year with economic activity growing at trend or slightly above trend, the unemployment rate below its natural rate, and price pressures starting to assert themselves, policy can truly normalize. I mean this in the sense that we can move away meaningfully from the zero lower bound and that our reaction to incoming data can return to a more historical pattern."

Lean: Dovish

Substantially Similar to Prior Statements: No

Statement Date: February 16, 2016

Publication Date: February 16, 2016

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