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Goldman Sachs chief economist Jan Hatzius highlighted Fed Chair Jerome Powell’s cautious tone, noting Powell described the labor market as being in “a curious kind of balance” where both supply and demand for workers have slowed in tandem. Powell warned that the downside risks to employment are rising, with the potential for those risks to materialize quickly through sharply higher layoffs and a jump in unemployment.
Powell also acknowledged that GDP growth has slowed notably, though he suggested part of the weakness reflects a deceleration in potential output rather than purely cyclical demand pressures.
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Hatzius was referencing Federal Reserve Chair Powell’s speech on Friday at Jackosn Hole. More yere:
- investingLive Americas FX news wrap 22 Aug: Markets cheer on Powell tilt (for now)
The Federal Reserve’s Federal Open Market Committee (FOMC) next meet on September 16-17 where a 25bp Fed Funds rate is widely expected. This article was written by Eamonn Sheridan at investinglive.com.
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