No cut from the FOMC is expected this week
The title of the speech is "Finding Harmony in the Noise: Transitioning to a New Normal". These are his first comments since the Sept 18 FOMC press conference.
More to come
- Risks are two-sided, decisions will come meeting by meeting
- We do not need to see further cooling in the labor market to achieve target
- Economy is in solid shape, we intend to use our tools to keep it there
- Labor market conditions are solid, labor market roughly in balance
- Colleagues and I have greater confidence inflation is on a sustainable path to 2%
- Disinflation is broad based; recent data indicate further progress toward sustained return to 2%
- Housing services inflation will continue to decline as long as growth rate in rents for new tenants remains low
- 50 bps cut reflects growing confidence that appropriate policy re calibration can maintain labor market strength
- Full text
These comments are very similar to what he said at the press conference. He will take questions afterwards.
