Highlights of the statement by Federal Reserve Chairman Kevin Walsh at Jackson Hall

IN HIS KEYNOTE ADDRESS TO JACKSON HALL, FEDERAL RESERVE CHAIRMAN KEVIN WALSH NOTED THAT INFLATION WAS STILL TOO HIGH, THAT THE FED’S MAIN FOCUS SHOULD BE ON IMPROVING THE “SUSPENSIVE AND FIXED” SUMMER INFLATION TARGET OF 2 PER CENT, BUT THAT THE BASIC TRENDS HAD NOT CHANGED SUBSTANTIALLY UNLESS INFLATION “CLEARLY AND AT SUFFICIENT SPEED” RETURNED TO THE TARGET, THAT THE FED STILL NEEDED TO CONTINUE ITS EFFORTS TO STABILIZE THE LABOUR MARKET, AND THAT BROAD FINANCIAL CONDITIONS CONSISTENT WITH FULL EMPLOYMENT DID NOT TEND TO WAIT UNTIL JULY FOR A FURTHER CHANGE IN INTEREST RATES。