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    Tarullo with a dovish message

    Tarullo delivers speech:

    • Tarullo says the reaction ’to this point’ has been as expected
    • Financial system well prepared for Brexit shock
    • We’ll have to watch how Brexit plays out
    • Three will be some impact in the UK, no one knows the scale
    • I don’t believe in ’normalization’
    • Recent jobs creation shows there was more slack in jobs market than believed
    • "This is not an economy that’s running hot"
    • The neutral rate of interest rates has come down quite a bit
    • We have tools to respond pickup in economy; if it were to slow down our tools our limited
    • For some time now, I have thought it was the better course to wait and see if inflation rose to 2%
    • For some time now, I have not seen evidence of inflation rising to target
    • I would want to be more convinced the underlying rate of inflation is 2%
    • I’m not convinced that 2% underlying inflation is coming but that data may come

    Stocks are slightly rising on a dovish message from Tarullo,, there is little reaction on financial markets as he is a known dove.


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