Comments from George
- Says she would back adjusting policy if data warrants it
- Economy's moderation this year has been in line with her outlook
- There are certainly risks to the outlook including trade and global growth
- Should incoming data point to a weakening economy, I would be prepared to adjust
This tilts a bit dovish with her saying she could get back on the dovish side if the news worsens.
Full statement:
"I dissented with the decision to lower the target range for the federal funds rate. In my view, incoming economic data and the outlook for economic activity over the medium term warranted no change in the policy rate.
The moderation of economic growth in 2019 is in line with my outlook
that calls for a gradual decline to a trend level over the medium term.
With moderate growth, record low unemployment, and a benign inflation
outlook, maintaining the Committee's policy settings at 2.25-2.5 percent
would have been appropriate, in my view.
There are certainly risks to the outlook as the economy faces the
crosscurrents emanating from trade policy uncertainty and weaker global
activity. Should incoming data point to a weakening economy, I would be
prepared to adjust policy consistent with the Federal Reserve's
mandates for maximum sustainable employment and stable prices."
