Fed’s Kaplan: Fed should be patient on rates

Robert Kaplan, who is the president of the Federal Reserve Bank of Dallas, says the Fed should be patient on rate hikes and should get on with the balance sheet runoff. 

Key quotes

We may still raise rates this year, but I want to wait and see more information

Fed will be well-served to work down its balance sheet so it has ‘dry powder’ for a future crisis

Hurricane Harvey will mean a tremendous loss of property, much of it is not insured