Speaking on CNBC
- Sees growth at 2%
- As long as consumer remain strong, expects solid growth
- Part of Fed job is to be forward looking
- Taking all the time to access the economy until September
- Will have an open mind about further action if needed
- he back the Fed's July rate cut
- manufacturing, global growth slowing
- would like to avoid taking further action on rates
- risks to 2% growth forecast is to the downside
- focused on what is the growth potential of the US economy
- we need policy that fits the US economy
- disagreement among Fed policymakers is healthy
- businesses have gotten more cautious due to trade uncertainty
- want to be careful about cutting rates unless have to
- if wait until consumer starts to slow, we waited too long
The Dallas Fed President is not a voting member in 2019, but is the Pres of arguably the most diversified and important economic regions in the US.
His comments are a bit more cautious/dovish vs. the comments made in July (see prior post).
CNBC interviews from Jackson Hole will continue tomorrow with
- James Bullard at 7:30 AM ET
- Loretta Mester at 8:30 AM ET.
- BOE Mark Carney will speak after the close at 5:30 PM ET.
- Gita Gopinath IMF Chief Economist will speak at 11:30 AM ET.