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Final Questions On Current Data and Whether The Economy Is Too Strong

FED
  • Q: Did FOMC participants say anything not reflected in the data or heard anything through anecdotal evidence that hasn't been captured in the data yet?
    • A: We do meet with outside groups who come from all different parts of the economy. The 12 Reserve Banks have the best network of anyone. Not just the business community, but the educational, medical, you know, non-profit communities. That is what goes into the Beige Book. I personally find it very helpful in understanding what is going on. Also, I think you hear things before it is showing in the data sometimes.
    • If you look back not this beige book but the one before, there was a lot of slower activity. I think what you are hearing now, things are picking up a bit. It feels like you are hearing things are picking up, at the margin.
  • Last Q: Are you worried that the economy is a little too strong right now, in terms of inflation coming back at some point?
    • A: I am not so worried about that. We have had inflation come down without a slow economy, and without increases in unemployment. There is no reason why we should want to get in the way of that process if it is going to continue. Continued declines in inflation are really the main thing we are looking at. Of course, we want the labor market to remain strong, too. We have a maximum mandate and price stability mandate. Growth only matters to the extent it influences our achievement of those two mandates.
  • PRESS CONFERENCE ENDS
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