NY Fed Pres. Williams: Labor market is really strong with low unemployment

Author: Greg Michalowski | Category: Central Banks

FOMC voting member

The New York Fed Pres. John Williams (permanent voting member of the FOMC) is speaking in NY on a moderated Q&A panel.  His comments are starting to trickle out:

  • Data shows labor market is strong
  • Data dependence means reassessing full employment
  • Labor market is really strong with low unemployment
  • Fed officials have a lower view of what sustainable level of unemployment is based on low-inflation (kinda wordy headline)
  • Job growth is still solid despite slowdown in exports, business investment in the global economy
  • Slowing global growth and muted inflation pressures argue for a more accommodative policy
  • Monetary policy is moderately accommodative right now
  • 3 cuts we did were very effective at managing risks to the US economy
  • Fed will be data dependent and preemptive going forward
  • Fed's change from raising rates cutting rates was about assessing the risks to the outlook
The word "preemptive" going forward is indicative of a more dovish slant.  
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