The U.S. unemployment rate may have room to fall further without leading to exce...
MINNEAPOLIS - The U.S. unemployment rate may have room to fall further without leading to excessive inflation, Federal Reserve Vice Chairman Richard Clarida said on Tuesday in comments that could further solidify the central bank’s hesitancy to raise rates further.
The low unemployment rate “has been interpreted by many...as suggesting that the labor market is currently operating beyond full employment,” Clarida said in prepared remarks for a Minneapolis Federal Reserve bank conference on monetary policy and income inequality. Clarida’s remarks point in that direction as well, and suggest the Fed will look closely at measures of labor market slack beyond the unemployment rate as they determine their next move on interest rates. The Fed is currently taking a “patient” approach to further rate increases, in part because of the weak state of inflation.
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