Fed’s Rosengren: April FOMC set conditions for raising rates

Boston Fed's Rosengren crossed the wires via MNI last minutes, still back the case for further rate hike, despite disappointing May NFP figures.

See sufficient growth to remove accommodation

Expects econ to continue to gradually improve

April FOMC set conditions for raising rates

Need spend rebound, labor strengthening, and inflation progress

Will gradually normalize as these conditions met

Lately us data 'choppy,' May jobs 'disappointing'

Need to see if jobs data anomaly or broader slowing

Despite May weakness, now estimates at full employ

Seeing some evidence inflation moving towards 2% target

US would only use negative rates 'as last resort