"I'm not trying to put a gloss and say the economy is great," Poole said. "I'm trying to say the data to me are not clearly decisive on the downside" and "I would say the uncertainties are probably greater." He added views about the outlook both within and without the Fed are "more diverse than typically the case."
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The circumstances that we would see to justify a substantial policy easing would be the same as the people in the markets would see ... Having said that, keep in mind that interest rates have already come down quite a bit so given the lags in the process we would have to make a judgment about how much more would be appropriate given the new information.
From Q&A session as reported by Market News International and Dow Jones News