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Fed Is Aware Of The Risk Of Waiting Too Long Before Easing

FED
  • Q: If the economy looks like it's falling into recession, jobless rate rises, how would you think of that in terms of rate cuts?
    • A: That's not something we're hoping to see. We're hoping to see a continuation of what we've seen.
    • We'd look at the totality of the data - certainly the labor data would be important in that. Certainly, if there were the beginning of a recession or something like that, it would weigh heavily in that decision [whether to cut].
  • Q: How will you decide when to cut rates - and ensure you're not behind the curve?
    • A: We're aware of the risk we would hang on too long - we're very focused on not making that mistake. And we've come back into a better balance between the risk of overdoing it and the risk of underdoing it. We're back at the point where both sides of the dual mandate are more in balance, so I think we'll be very much keeping that in mind as we make policy.
  • Q: How sticky is core inflation?
    • A: We've seen real progress in core inflation. Famously the service sector is thought to be stickier, but we've seen reasonable progress in non-housing services. All three categories of core are now contributing - goods, housing, non-housing services.
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