Fed's Collins
- Asked about job benchmark revisions, says data overall tells a consistent story
- Labor market overall is quite healthy and we want to preserve that
- Unemployment is still low and jobless claims indicate orderly rebalancing
- Labor market overall is quite healthy and we want to preserve that
- Soon is appropriate to begin cutting rates
- A gradual and methodical pace of cuts is likely to appropriate once we are in a different policy stance
- Still see quite a bit of resilience among consumers, also stress pockets though
- Preserving a healthy labor market is a priority
This is an important point and suggests the Fed will be on auto-pilot once it starts cutting, likely by 25 bps every meeting until 3.50% or 3% barring any surprises.