FED'S TARULLO: The lousy first quarter was about more than 'seasonality'

Daniel tarulloAlex Wong GettyDaniel Tarullo

The Fed is facing more questions as it prepares for its first rate hike, whenever that might be.

One thing is becoming clear: Fed members have less certainty now about the economy than it did a year ago.

That’s according to Fed board governor Daniel Tarullo.

At the Institute for International Finance Thursday, Tarullo said the lousy first quarter in the economy. was about more than distortions related to “seasonality.”

“There are more questions at this point in 2015 than in 2014,” he said during a Q&A session.

Looking for positive signs in the economy, Tarullo seemed to see little good news.

On sustained wage growth, he said “we haven’t seen that yet.” But he was optimistic, adding, “Presumably at some point, we will.

Tarullo noted the recent data on consumer spending and capital expenditures were “not encouraging,” but called automotive sector gains as of late “a bright spot.”

NOW WATCH: 70 people were injured while filming this movie with 100 untamed lions

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.