Fed's vice chair Clarida: Inflation expectations at lower end of the range, but consistent with Fed's 2% target

The Federal Reserve's Vice Chair Richard Clarida, during a scheduled speech at the National Association for Business Economics Policy Conference in Washington, was noted saying that the Fed is entering an era when it is especially dependent on incoming data.

Additional quotes:

   •  Fed can be patient in deciding further rate changes and allow the data to flow.
   •  Policymakers need to see their economic models and avoid rash judgment.
   •  Data has surprised somewhat on the downside since December.
   •  Financial conditions are more supportive of outlook today than they were in December.
   •  Inflation expectations are at the lower end of the range, but consistent with Fed meeting its 2% target.
   •  US economy likely grew around 3% in 2018; 2019 growth expected to be slower but still solid.