Atlanta Fed Pres. Bostic is speaking and says:
- Labor market has slowed down, but is not slow or weak.
- Monthly job creation above what is needed to account for population growth.
- Economy is close to the Fed targets and moving closer.
- Inflation rate is still quite a ways above 2%.
- A risk that the economy is too strong, and could hamper policy recalibration.
Bostic's GDP now estimate for Q3 growth came in today at 3.2%. The risk of policy recalibration is a real concern for the market. There is a 12.7% chance that the Fed does not cut rates in November. The chance of a 25 basis point cut is still at 87.3%.
