Fed's Eric Rosengren: I dissented in July because the economy was pretty good

Federal Reserve's Eric Rosengren, a voting member and hawk, is making comments on Bloomberg TV. He dissented in July because he feels that the economy was still pretty good.

Key comments:

• We are in a pretty good spot right now.
• There are costs to easing policy too much, including too much leverage.
• Economic conditions in US are still ‘pretty good’.
• Dissented in July because US economy was pretty good.
• US in a pretty good spot right now.
• View at last FOMC meeting was to focus on unemployment, inflation.
• Consumption is strong and spending can support growth. 
• This is a good time to sit back and look at the data.
• Cure for global weakness should rest solely on us easing policy.
• The yield curve is an important signal - Reflects global weakness. 
• Exports are a relatively small share of US GDP. 
• No need to take action if the outlook stays on track. 
• The goal of mon. policy is to get inflation and unemployment right. 
• Mon pol is already accommodative. 
• Core PCE to converge on to 2%.
• The US should not be easing solely because other countries are weak. 
• Stock market decline isince last Fed meeting is not a very big decline. 
• Wants evedence of a slow down to justify Fed's easiing. 

FX implications

There are no surprises here from Rosengren for he is a hawk and we were already privy to his reasons for dissenting. The DXY is rising in a 5-minute channel towards the 98.30s and 16th August highs.