Fed's Kaplan: 3 rate-hikes are good baseline

Speaking to BBG TV, Dallas Federal President Robert Kaplan was noted saying, via LiveSquawk, that 3 Fed rate-hikes remains a good baseline case, while having a gradual wind down of balance sheet.

Key quotes:

   •  There are uncertainties for US consumers such as healthcare law
   •  Household balance sheets in US in relatively good shape
   •  Action on balance sheet could come as soon or late as this year, or early next
   •  Longer term GDP growth still is challenging
   •  Expect a little better growth than data suggests
   •  Core inflation continues to move up gradually and slowly
   •  Fed is still accommodative but not as much as people think
   •  Not factoring in fiscal policies to his forecasts