Looks at the path of interest rates. Thinks that path is to higher rates

Does not mean every meeting is a hike

Fed perhaps not communicating as well as it could

Economy is still on track for pickup growth, inflation rising and employment falling

Appropriate to raise rates but not giving an exact number

There is a potential for instability in environment for potential bubbles.

Not saying there is a bubble in the stock market

Commercial real estate is a little bit frothy, but not an imminent problem