Cautiously Optimistic Central Bankers

(1) More caution than optimism. (2) Fed’s Williams and Dudley wouldn’t mind a brief inflation overshoot. (3) Fed’s 2% inflation target is viewed as a tight range around this mean. (4) Fed officials conceding Phillips curve is flat-lining. (5) Draghi dragging his feet, saying “patience, persistence and prudence” will drive monetary policy. (6) Eurozone’s economy is debatable at the ECB. (7) Eurozone’s flash CPI not very bright. (8) ECB sticking with its asset-buying program for now. (9) Kuroda will tell you where inflation is going, but won’t say when it will get there.