Expects a lively discussion over whether current inflation and unemployment readings are consistent with the policy rate still close to zero

The economic momentum is adequate to achieve the Feds goals in the medium-term

Won't comment on likely outcome of next three meetings

Expects strong second half growth this year of 3% annualised rate

Remaining labour market slack is relatively small

Lack of progress on inflation remains an awkward piece of the Fed's puzzle but is confident it will increase as the labour market improves

Serious discussion on hike is needed at the September meeting