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FED: Kugler: Need To Frontload Rate Cuts Given Policy Lags

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Some headlines from the Q&A with Fed Gov Kugler, who certainly takes a dovish perspective with respect to the current stance of policy and the "need" to frontload rate cuts "given lags". 

  • She echoes Chair Powell's Jackson Hole language on the risks to the labor market, saying she doesn't want it to "weaken further", with payroll gains potentially already under the breakeven rate (which is the pace for job creation that absorbs new entrants to the workforce and keeps the unemployment rate constant).
  • Her commentary maintains the focus on the September employment report, published Friday Oct 4.
  • KUGLER: EVERYBODY THINKS OUR POLICY STANCE IS RESTRICTIVE NOW
  • KUGLER: GIVEN LAGS IN POLICY, WE NEEDED TO FRONTLOAD RATE CUTS
  • KUGLER: NEUTRAL RATE NOT MAIN DRIVER OF DECISIONS ON RATES
  • KUGLER: JOB GAINS MAY ALREADY BE UNDER BREAKEVEN, OR NEAR IT
  • KUGLER: WILL TAKE A LITTLE TIME TO GET TO 2% INFLATION
  • KUGLER: JOB MARKET HAS COOLED, DON'T WANT IT TO WEAKEN FURTHER -bbg
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Some headlines from the Q&A with Fed Gov Kugler, who certainly takes a dovish perspective with respect to the current stance of policy and the "need" to frontload rate cuts "given lags". 

  • She echoes Chair Powell's Jackson Hole language on the risks to the labor market, saying she doesn't want it to "weaken further", with payroll gains potentially already under the breakeven rate (which is the pace for job creation that absorbs new entrants to the workforce and keeps the unemployment rate constant).
  • Her commentary maintains the focus on the September employment report, published Friday Oct 4.
  • KUGLER: EVERYBODY THINKS OUR POLICY STANCE IS RESTRICTIVE NOW
  • KUGLER: GIVEN LAGS IN POLICY, WE NEEDED TO FRONTLOAD RATE CUTS
  • KUGLER: NEUTRAL RATE NOT MAIN DRIVER OF DECISIONS ON RATES
  • KUGLER: JOB GAINS MAY ALREADY BE UNDER BREAKEVEN, OR NEAR IT
  • KUGLER: WILL TAKE A LITTLE TIME TO GET TO 2% INFLATION
  • KUGLER: JOB MARKET HAS COOLED, DON'T WANT IT TO WEAKEN FURTHER -bbg