Fed chair hinted at caution on further easing as beige book showed few signs of incremental weakening in the economy
On Wednesday, markets received two new signals about the trajectory of the US economy and the Federal Reserve’s intentions. Both were hawkish at the margin. Fed chair Jay Powell indicated data points since September have changed the central bank’s assessment of the US economy’s underlying strength. Meanwhile, the beige book showed activity, employment and inflation remain resilient. We still expect the Fed to cut the fed funds rate again in December, taking it to 4.25 per cent to 4.
” He also refused to discuss in detail the Fed’s likely response to Trump’s economic agenda. “We can’t start making policy on . . . is something that lies well into the future. The decisions we’re making right now are not about that,” he said. The Fed chair’s interview coincided with the release of the December beige book, a region-by-region review of economic, labour market and inflation dynamics compiled by the regional Feds.
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