- Fed will hike rates more aggressively if financial markets are less responsive
- Fed will base tightening on short and long-term rates, credit spreads, equities and dollar
- Sharp drop in energy prices is a positive for the economy and could spur more easing from foreign central banks
- Funds rate equilibrium will likely be somewhat lower than in past due to lower potential growth
- Expects inflation to rise towards 2% target next year despite softening
- Repeats rate rise call for mid-2015 seems reasonable