Comments from Kaplan:
- We have to wait and see how events on US-China trade unfold
- Says he wants to be patient on assessing data, has open mind going into October meeting
- In light of liquidity needs it is appropriate to increase Fed’s balance sheet
- Buying Treasury bills is not QE; it’s a technical adjustment
Kaplan has morphed into a consistent dove and he’s not-so-dovish here. I’m worried that an Oct 30 cut won’t come.