Kockerlakota and the North Dakota oil boom

Kocherlakota dissents. I believe his turn about first came when he visited the North Dakota "man camps" of the oil boom.

Oct. 29 FOMC statement:

Voting against the action was Narayana Kocherlakota, who believed that, in light of continued sluggishness in the inflation outlook and the recent slide in market-based measures of longer-term inflation expectations, the Committee should commit to keeping the current target range for the federal funds rate at least until the one-to-two-year ahead inflation outlook has returned to 2 percent and should continue the asset purchase program at its current level.

'The Overnighters' shows dark side of North Dakota oil boom