“While short-term measures of inflation have moved up rather strongly in the last few months, I hold to the view that this trajectory will not persist,”...He was also optimistic about prospects for U.S. economic growth.
“Contrary to popular opinion, Federal Reserve officials do actually eat and fill up their gas tanks,” he said.
Lockhart said he thinks the U.S. central bank’s policy makers should focus on headline inflation that includes all prices....
That speech is easy to dismiss as an "I feel your pain" sympathy fest. It remains to be seen if his talk will translate to action, as he is a voting memeber of the FOMC.