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FED: Powell on the Sahm Rule and Beige Book

FED
  • Powell says of the "Sahm rule":
    • I would call it a statistical thing that has happened through history.  A "statistical regularity" is what I would call it.  It is not an economic rule where it is telling you something must happen.
  • Q: Do you take the disconnect between anecdotal and hard data seriously?
    • A:  I do take that seriously.  The Beige Book is great.  What's greater is hearing the Reserve Bank Presidents come in and talk about their conversations with businesses and business leaders and workers and people in the non-profit sector in their districts. But the picture is not one of the slowing or, you know, a really bad economy. It is one of the spots of weakness and the regions where growth is stronger than other regions. I wouldn't say that the anecdotal data is uniformly downbeat.  It is more mixed.
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