Robert Kaplan, president of the Federal Reserve Bank of Dallas, says wages are starting to rise for the lowest paid workers in his district, as the labor market gets tighter, but even so, "inflation is not going to run away from us," in part because firms are trying to replace workers with machines, and he still sees only two more Fed rate hikes this year. Kaplan also discusses the important of education as the U.S. competes with China, and his venture capital fund that provides seed money to non-profits.\u0010\u0010Kaplan speaks with Global Economics and Policy Editor Kathleen Hays Taylor at the Hoover Institution of Stanford University for Hoover's Monetary Policy Conference on Currencies, Capital, and Central Bank Balances.