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