by Calculated Risk on 10/13/2015 02:34:00 PM

Fed Governor Daniel Tarullo was on CNBC today: Fed's Tarullo: Not appropriate to hike rates based on current environment

The U.S. economy likely would not support an interest rate hike this year without signs inflation and wages are increasing, a top Federal Reserve official told CNBC on Tuesday.

"I wouldn't expect it would be appropriate to raise rates," Fed Governor Daniel Tarullo said.

Another quote via Neil Irwin: "Probably wise to not be counting too much on past correlations, things like the Phillips Curve"

This is the second Fed Governor in two days to argue it is appropriate to wait until next year, see Tim Duy's Brainard Drops A Policy Bomb

The Fed governors almost always vote with the Fed Chair, so this either suggests a sharp disagreement, or Fed Chair Janet Yellen is changing her mind.  Either is a significant story.