Fed's Lacker (hawkish, non voter): BOJ's actions were stronger than anticipated, will be interesting to see how the policies work out
- Debate is open on the impact of the balance sheet on the real economy
- Risk of Fed raising rates too soon is not "gigantic"
- QE bond purchase program did not do much to help the economy
- Inflation expectations are consistent with the return to the 2% target level; though market signs of inflation have fallen in recent months
- Expecting inflation to be at 1.5% or above in the 6-12 month period; confident inflation can get back to 2% despite lower oil prices