Comments out earlier from Barkin
I love it when a central bank shifts from garrulous guidance to something that's built around economic data.
In his comments published earlier today, Richmond Fed President Thomas Barkin did exactly that, saying that he wanted to see the employment-to-population ratio to 'just north' of 59% before tapering.
It was at 58.0% in June so it's not far off but the pace of improvement has been slow. It's only risen 0.6 pp since September.
In any case, keep this metric in mind when the next jobs report rolls around, because it's what Barkin will be watching. Note that he isn't a voter this year in any case and he's not the kind of FOMC member to deviate from the consensus anyway.
