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FED: Powell Asked How an Unexpected Weakening in the Labor Market Would Look

FED
  • Q: What would an unexpected weakening in the labor market look like?
    • A: When I say unexpectedly, vs our forecast or in common forecasts. But we'll be looking at everything.  The labor market has the tendency sometimes to weaken quickly. We're looking at the balance of risks.  If we saw troubling weakening more than expected, then that would be something we would consider responding to, but we look at the broader context of what's going on too.
    • (Re whether a negative payrolls number would qualify): I could think of many things that would make it on that list, but I don't think I'll utter them here.
  • Q: Would two more months like May give the FOMC "confidence" on inflation?
    • A: It's going to be the totality of the data.  In terms of inflation you would want to see real progress that builds your confidence that we are on a path down to 2%. I don't want to try to give you specific numbers of things because that points to dates. We're not at a point of being able to do that.
  • Q: Is a strong dollar having a positive impact on the US economy?
    • A: We don't think of it as benefiting or hurting the U.S. Again, we don't manage the level of the dollar, that's not our job.
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