BOSTON/WASHINGTON - In their last public comments before the Federal Reserve’s next interest-rate decision, U.S. central bankers on Friday left the door open to a further reduction in borrowing costs as they continue to assess how household spending, the main driver of U.S. economic growth, is holding up.
Since that meeting, jobs growth has slowed and retail sales unexpectedly dropped, possible signals that a decline in manufacturing brought on by the U.S.-China trade war may be spreading more broadly through the economy. His speech echoed that of Fed Chair Jerome Powell two weeks ago that was seen as signaling another interest rate cut at the central bank’s next meeting. It was also in line with those of other policymakers who emphasized this week that they are open minded about future policy decisions.
“I think the data has come in since the last meeting generally softer; generally it’s been a little bit more downside than I would have expected at the September meeting,” Minneapolis Fed President Neel Kashkari said in Des Moines on Friday. Dallas Federal Reserve bank president Robert Kaplan said at an event in Washington that he is currently “agnostic” about a third rate in October.
Source: Loan Digest (loandigest.net)
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