Fed's Kaplan: Need to be careful about raising rates further if 10-year Treasury yield stays where it is

Dallas Fed President Robert Kaplan continues to give his remarks, via Reuters, with the key quotes found below:

• Fed should begin trimming balance sheet sometime before the end of 2017
• Technology, globalization is holding down U.S. inflation
• Should expect that as labor markets get tighter, eventually there will be upward price pressures
• Need to remove some amount of accommodation, then be patient to wait to see signs of inflation
• Believes recent weak inflation will turn out to be transitory, wants to see more evidence
• Need to be careful about raising rates further if 10-year Treasury yield stays where it is
• Universal income should be studied, but hopeful it won't be necessary