He’s one of the non-voting members (will vote in 2014), and he’s generally considered to be one of the more hawkish (i.e. less accommodative; typically worried about inflation consequences) Fed Presidents. Yet in this speech he didn’t mention “inflation,” per se, much at all, as its size relative to other terms–take “growth,” for example–is pretty small. That seems odd for a Fed hawk. (Word cloud courtesy of wordle.net).