He was not especially gloomy about long-term economic prospects,

I wouldn't be especially concerned about a major episode of financial distress resulting from the recent and forthcoming Fed rate hikes. I don't think it would be enough to cause pain -- unless you have people managing financial institutions being very reckless in their oversight of the situation.

The Fed's not finished,

The Fed's not finished. More rate hikes loom.

You look at this and all you can say is, yes, monetary policy remains accommodative, it's not even neutral yet, and interest rates are too low in that they still fuel the speculative purchase of housing activity.

You look at this and all you can say is, yes, monetary policy remains accommodative, it's not even neutral yet, and interest rates are too low in that they still fuel the speculative purchase of housing activity,