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NY Fed Pres Williams interviewed on CNBC,.......>

FED
FED: NY Fed Pres Williams interviewed on CNBC, little to shift the needle on
'hold' outlook for 2020; expresses confidence in Fed's repo market actions:
- Feels good about how the econ will look next year, close to empl/ price goals.
- 3.5% unemployment a very good place, not seeing inflationary pressures.
- "Data dependency" for future rate decisions (re: `high bar` to hike, vs cut). 
- With rate cuts in 2019, MonPol is accommodative.
- Can`t point to one thing that would constitute a 'material change in outlook'.
- Still some significant risks to the downside; around Brexit; positive
developments around trade reduce uncertainties but still some risks
- Re Insurance Cuts: Some of the downside risks to global growth did
materialize. Still think there are several uncertainties still out there. Have
no view on reversing actions, think monetary policy is now in a good place.
- Re Repo: Fed`s moves have been `highly effective`. Markets working very well
with ample reserves. Longer-term issues that clearly will be under study to make
sure we understand all aspects of these markets.

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