Fed's Rosengren does not see a "clarion call to alter current policy in the near term," according to his prepared remarks to the Economic Club of New York . He currently views policy as "slightly accommodative and likely consistent with inflation returning' to the 2% target. He warned about reacting to "temporary" misses, but it would also "not be desirable to continue consistently undershooting inflation." That could cause inflation expectations to decline, which as Japan and Europe have shown, is difficult to reverse. The U.S.-China trade dispute, and downside risks, warrant policymaker patience. He added it's "worth discussing whether the Fed should aim for somewhat above-target inflation during recoveries." In Q&A he said the tight labor market should affect inflation at some point. Tariff-driven inflation is not a clear-cut process. He's not a fan of negative rates. Rosengren is also a current voter, but has a more hawkish bent.