Fed’s George: Current low level of us inflation does not demand policy response

Fed’s George was crossing the wires:

• Current low level of us inflation does not demand policy response.
• Wait-and-see approach on rates is appropriate; not seeing upward inflationary pressures.
• Not concerned about current low infl, not convinced below-target inflation requires an offsetting overshoot.
• Current outlook for inflation appears benign.
• Persistent deviations from infl. target may be acceptable if they are limited to 50bps above or below.
• Sees little value in pursuing a higher inflation target.