Fed's Daly (2027 voter) says both sides of the mandate must be watched, notes situation feels precarious
Importance
Level 1
- Businesses are cautiously optimistic. They say Growth is good, consumer spending remains solid, jobs are easy to fill, and productivity gains are helping control costs.
- Workers, however, are not so sure. The latest sentiment surveys, which show that Americans are expecting fewer jobs to be available and the unemployment rate to rise.
- We’ve been in a relatively low-hiring, low-firing environment for some time. That may persist, but workers are aware that things could change quickly, leaving them in a no-hiring, more-firing labor market. With inflation printing above the FOMC’s 2 percent goal, this rightly feels precarious.
- We must watch both sides of our mandate. Americans deserve both price stability and full employment, and we can’t take either for granted.
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