Underscoring divisions within the Federal Reserve over how to respond to signs o...
JACKSON HOLE, Wyo. - Underscoring divisions within the Federal Reserve over how to respond to signs of a global economic slowdown, two officials on Thursday said they see no need to lower borrowing costs next month, while another said he was “open-minded.”
“I’d be happy to leave rates here, absent seeing either some weakness or some strengthening, some kind of upside risk that would cause me to think rates should be somewhere else,” George said in an interview with Bloomberg TV. Neither Harker nor Kaplan is a voting member of the Fed’s policy-setting committee this year, but both participate in policy discussions.
Still, the U.S. labor market, a key indicator in a consumption-led economy, seems healthy. Initial claims for state unemployment benefits dropped by 12,000 to a seasonally adjusted 209,000 for the week ended Aug. 17, the Labor Department said in a separate report. The decline was sharper than expected.
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