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FED: Committee Would Intend on Responding to a More Significant Jobs Downturn

FED
  • Q: Would you cut pre-emptively if you saw more cooling? How did you see the recent JOLTS report?
    • A: If we see something that looks like a more significant downturn, that would be something that we would have the intention of responding to. I think of it as we're in a good place here.  We're balancing the two risks.  Go too soon, and you undermine progress on inflation.  Wait too long, or don't go fast enough, and you put the recovery at risk.  So we have to balance those two things.  4.1% unemployment is still historically low.  You know, we'll just have to see what the data show us.
    • Re JOLTS: All of the data points continue to point to the direction that we would want to see.  There was a decline in job openings that was good.  Today's ECI reading was softer than expected.  That's a good reading.  It shows that wage increases are still at a strong level, but that that level continues to come down to more sustainable levels over time.  That's exactly the pattern that we want to be seeing.
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