Clarida remains dovish
- Fed still ‘a ways away’ from considering lift off from current near-zero level
- Policy path outlined in Sept dot plot would be ‘consistent’ with Fed’s framework if current inflation and jobs forecast is met
- Repeat of 2021 inflation next year would not be a policy success
- Sees full return of pre-pandemic employment levels by end 2022, unemployment rate at 3.8% with participation rising
He’s not ducking any of the big questions here.