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FED: Bostic Sees Consumer Health Preventing U/E Rate Large Rise

FED
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  • Bostic: "As long as that consumer continues, there will be demand for product. That means there'll be demand for workers and jobs, and I'm expecting we will continue to see that demand, which means that we will not need to see the unemployment rate migrate up too much further."
  • We wrote after last week's SEP on the limited increases in the u/e rate seen broadly across the FOMC, and how it won't take much of a dovish surprise to start pressuring these forecasts. See here.
  • "*BOSTIC: FED MUST MONITOR EMPLOYMENT 'QUITE STRONGLY' - bbg
  • "*BOSTIC: MANY AMERICANS STILL HOLD EXCESS SAVINGS" - bbg
  • "*BOSTIC: SEES NOMINAL NEUTRAL RATE AT AROUND 3%-3.25%" - bbg. The median dot put the longer-run rate at 2.9% (revised up from 2.8) with a central tendency of 2.5-3.5%.
     
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  • Bostic: "As long as that consumer continues, there will be demand for product. That means there'll be demand for workers and jobs, and I'm expecting we will continue to see that demand, which means that we will not need to see the unemployment rate migrate up too much further."
  • We wrote after last week's SEP on the limited increases in the u/e rate seen broadly across the FOMC, and how it won't take much of a dovish surprise to start pressuring these forecasts. See here.
  • "*BOSTIC: FED MUST MONITOR EMPLOYMENT 'QUITE STRONGLY' - bbg
  • "*BOSTIC: MANY AMERICANS STILL HOLD EXCESS SAVINGS" - bbg
  • "*BOSTIC: SEES NOMINAL NEUTRAL RATE AT AROUND 3%-3.25%" - bbg. The median dot put the longer-run rate at 2.9% (revised up from 2.8) with a central tendency of 2.5-3.5%.