- We must be a little careful over-concluding about the jobs report
So far, his comments are focused on economic data, not the turmoil in markets.
- The Fed does need to be forward-looking in setting policy
- If you look at domestic purchases, the GDP was relatively stronger than we expected
- We're going to get a lot of information between now and the next meeting
- The international component of this is a factor
- It's the market to react and the Fed's jobs to act, one of those has a lot more volatility than the other
- Asked about emergency cut, says he can only speak for himself
- Everything is always on the table
- We will respond to conditions
- If the economy deteriorates, we will fix it; the Fed will respond to conditions
- I'm not going to bind our hands going forward
- If jobs data is a longer-term sign, we should then respond to what those forces are
- We've very restrictive and you only want to be restrictive like that if you think the economy is over heating
