Fed's Kaplan - Waiting too long to raise rares may leave Fed behind the curve

Comments from Dallas Fed President Robert Kaplan crossing the wires via Reuters-

• Waiting too long to raise rates may leave Fed behind the curve, boost odds of recession
• intends to keep an open mind on raising US interest rates at upcoming Federal Reserve meetings
• US is making good progress on full employment goal
• Cyclical inflation pressures are building, but muted by secular forces limiting pricing power
• Will be looking for signs that cyclical inflationary pressures can offset structural headwinds