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FED: Bowman – Core Inflation Remains Uncomfortably Above Target

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USGlobalEM BulletCentral Bank NewsFederal ReserveEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsRegionNorth America

Fed Governor Bowman (voter, leading hawk) has given a speech repeating that she favored a 25bp cut at the FOMC meeting last week, seeing greater risks to inflation than the labor market. The comments at first glance look unsurprisingly consistent in tone with her explanation for dissenting to the Fed’s 50bp cut last week. 

  • “The U.S. economy remains strong and core inflation remains uncomfortably above our 2 percent target.”
  • “Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility. My contacts also continue to mention that they are not planning layoffs and continue to have difficulty hiring.”
  • “In light of the dissonance created by conflicting economic signals, measurement challenges, and data revisions, I remain cautious about taking signal from only a limited set of real-time data releases.”
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Fed Governor Bowman (voter, leading hawk) has given a speech repeating that she favored a 25bp cut at the FOMC meeting last week, seeing greater risks to inflation than the labor market. The comments at first glance look unsurprisingly consistent in tone with her explanation for dissenting to the Fed’s 50bp cut last week. 

  • “The U.S. economy remains strong and core inflation remains uncomfortably above our 2 percent target.”
  • “Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility. My contacts also continue to mention that they are not planning layoffs and continue to have difficulty hiring.”
  • “In light of the dissonance created by conflicting economic signals, measurement challenges, and data revisions, I remain cautious about taking signal from only a limited set of real-time data releases.”