Fed's Poole Speaks

Here is a summary of his comments:

• Housing weakness close to what he expected
• Consumption may soften a little
• Core inflation to come down in coming months
• Lower bond yields will prevent dramatic slowdown
• Very unlikely we will have housing crash
• August jobs report suggests "even keel"
• Fed will take wait & see approach

Comments seen as benign to the market, which has rallied into positive territory.