FED's Rosengren: U.S. unemployment drop below 4 pct would overheat economy, prompt higher rates

Boston Fed President Eric Rosengren crossed the wires in the last minutes, via Reuters, noting that the current jobless rate at 4.4% has already fallen below his 4.7-percent estimate of "natural employment," and that this theoretically was the lowest level possible before wage pressures push inflation too high.

Key quotes (via Reuters):

• U.S. unemployment drop below 4 pct would overheat economy, prompt higher rates
• 4.4 pct unemployment now below 'full employment' estimate of 4.7 pct
• U.S. reforms that shrink Fannie, Freddie footprint in multi-family market could shock sector