Federal Reserve Bank of New York President John Williams said on Monday that the Fed officials will likely need to cut the interest rates further to move policy to a neutral stance now that risks to inflation and employment have become more balanced, per Bloomberg.
Key quotes
One could argue a case for skipping a rate cut in December, will be watching data closely to decide.
Policy is restrictive enough that a Dec cut still allows ample scope to slow pace of cuts later if needed.
Forecasts show inflation on the path to 2% in medium term.
Money policy remains 'significantly restrictive’.
Still 'a ways to go' in reducing rate to neutral.
The speed and timing of cuts to be determined by economic conditions.
When I look at a broader range of labor market data, it tells a fairly consistent story over the past year about moderating demand relative to supply.
Recent data on inflation indicate that progress may be stalling.
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