Chicago Federal Reserve President Austan Goolsbee cautions against taking too much of a signal from the global market sell-off
This is AI generated summarization, which may have errors. For context, always refer to the full article.Chris Wattie/Reuters
“Our minds are quite open to adjusting the policy rate in coming meetings,” she said. When and by how much will depend on incoming economic data, of which there is a lot before the Fed’s next meeting in mid-September, she said, adding, “it’s extremely important that we not let slow so much that it tips itself into a downturn.”fell steeply on Monday amid fears the US central bank has waited too long to begin cutting interest rates.
Nonetheless, Fed policymakers need to be aware of the possibility that markets are signaling a change in the economy’s direction, he said. The US services data “aligns with our view of an economy in transition rather than one on the brink of collapse,” said Matthew Martin, a US economist at Oxford Economics. “Expectations for aggressive rate cuts in September are overdone.”The Fed kept its benchmark interest rate unchanged in the current 5.25%-5.50% range last week and signaled it was on course to begin cutting rates in September, but that decision was followed by worrying signs the labor market might already have turned.
Instead, economists and traders honed in on Powell’s other comments that the Fed would respond if there was an unexpected deterioration in the labor market.
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