• Oct jobs report was quite satisfactory • It's 'prudent' to expect rising rate environment • Fed close to achieving its policy goals • Sees continued improvement in outlook for housing • Doesn't see rates marching higher for extended period • Inflation low and stable, just a bit below Fed goal • Sees 2016 growth likely a little under 2% • Economy approaching full employment Lockhart has been on the hawkish side of the Fed for awhile. There is still one jobs report before the December Fed and there's an election to get through but if Clinton wins without controversy and/or markets don't roll over on the result, then ... (full story)