Supported keeping interest rates unchanged in July, Fed position remains "mildly restrictive"Sees the possibility that economic conditions in the coming months will require tighter policyWould be prepared to raise interest rates in such a contextWarns against jumping to conclusions on latest jobs dataPrivate-sector hiring remains positive and unemployment rate is still relatively stableShouldn’t be surprised if there are some periods with negative jobs growth, and others where it is surprisingly highOverall labour market data remains quite mixed, though risks to inflation are greater"There’s much to watch there, but inflation is too high"The full transcript can be found here (may be gated).Just be wary though that Collins isn't a voter on the FOMC board this year. So while she may offer her opinions and backing to certain leanings, they won't carry as much weight as coming from a voting president instead.Her comments are nothing all too surprising with a September rate hike still very much in the air. As things stand, traders are seeing a move for next month as being more of a coin flip at this stage.As such, the timing of her comments is the more interesting one as it comes right before the US CPI report for July later today. If anything, it puts more scrutiny on the data and adds more weight to any upside or downside surprises to the inflation numbers.It's not all too common that the Fed leaves markets guessing right up until the last minute. But after Warsh's shift in forward guidance communique, this might be the new norm that we'll be seeing. That especially if economic data continues to be rather benign - which is possible. So, we'll have to wait and see. This article was written by Justin Low at investinglive.com.