- If we stay restrictive for too long, we have to think about the employment mandate
- If unemployment is going to go up higher than 4.1%, that's the kind of thing the Fed has to respond to
- The through-line of the data doesn't change based on one month's number
- We have been seeing the improvement we've wanted on inflation
- We will determine the size of rate cut or if there is any action will be the economic conditions
He did at least touch on the size of a rate cut. The market is pricing in a 72% chance of 50 bps in September.
More:
- The economy still has crosscurrents
- Small business defaults, delinquencies are rising, in 'warning sign' stage
- We set policy rate at current level a year ago and conditions have changed