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.
