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Dennis Lockhart
President of the Fed's Atlanta

Eric Rosengren
President of the Fed's Boston

- Fed is quite close to achieving its dual mandate

- Says Fed is already running the economy “a bit hot”

- Expects gradual pace of rate increases

- Fiscal stimulus could influence Fed rate-hike path

- Time for Fed to shift to more of a support role

- A positive surprise could see inflation overshoot and sees upside surprised possible from global growth

- Sees rising inflation moving to 2% in2017 or 2018

- Urges Fed to take up balance sheet timing debate, it is appropriate to examine reducing balance sheet, US economy is in better shape than many trading partners

- Sees economy well positioned for moderate growth

- Expect Fed to let balance sheet gradually shrink, but don’t expect the balance sheet change to have a huge rate impact

- Sees US GDP near 2% over next three years

- Gradual yet somewhat more regular hikes are warranted

- Says it’s too early to estimate fiscal policy effects

- Central bank will continue to normalize policy gradually

- Unclear economy positioned for markedly higher growth

- Sees inflation goal of 2% being reached by end of 2017

- Says secular decline of business dynamism is a reality

- Employment part of Fed mandate has been largely fulfilled

- Exact rate hike timing must depend on incoming data

- Fed is not targeting the stock market