FOMC members take more optimistic stance on the labour market outlook at November meeting
Federal Reserve officials support moving “gradually” to lower interest rates given stronger-than-expected US economic growth and fading concerns about the health of the labour market, according to a record of the November meeting. Minutes from the meeting, released on Tuesday, suggest that US central bank officials no longer see an urgent need to rapidly reach a “neutral” rates level that does not hamper growth, following a bumper half-point cut in September.
6 per cent following a 0.2 per cent month-over-month increase. Officials also took a more optimistic stance than in their previous meeting on the labour market outlook, saying there was “no sign” of rapid deterioration. However, a pause in rate cuts would be warranted “if inflation remained elevated”, the minutes indicated, echoing a point Tom Barkin, president of the Richmond Fed and a voting member on this year’s FOMC, made to the Financial Times in an interview last week.
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