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☆ Underlying US inflation pressures eased in October, NY Fed says
▼ + stars: | 2023-12-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

[1/2] A man passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Dec 4 (Reuters) - Underlying inflation pressures eased in October compared to the prior month, according to a report released on Monday by the Federal Reserve Bank of New York. The bank said that its Multivariate Core Trend (MCT) inflation reading for October stood at 2.6%, from September’s 2.88%. The NY Fed MCT index is designed to measure inflation persistence and how broadly price pressures are changing. The NY Fed MCT reading has tracked a broader retreat in price pressures.

Persons: Brendan McDermid, Jerome Powell, John Williams, Powell, Williams, Michael S, Mark Porter, Bill Berkrot Organizations: Federal Reserve Bank of New, REUTERS, NY, New York Fed, Fed, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, September’s

Fresh data shows price pressures are easing and the labor market is gradually cooling, evidence that the slowdown the Fed has tried to engineer with its rate hikes to date is underway. Still, the unemployment rate at last read was 3.9%, only a few tenths of a percentage point above where it was when the Fed first began raising rates in March 2022. UNCERTAIN PATHTraders have been betting heavily that the Fed will keep its overnight benchmark interest rate steady in the 5.25%-5.50% range for the next several months. "I'm not losing too much sleep" over the market's view "because there's a lot of uncertainty about the future path of policy," Williams said. "I'm not thinking about rate cuts at all right now," Daly said.

Persons: John Williams, Williams, Janet Yellen, I'm, Mary Daly, Daly, Jerome Powell, Christopher Waller, Oscar Munoz, Dan Burns, Michael S, Howard Schneider, David Lawder, Chizu Nomiyama, Paul Simao, Andrea Ricci, Will Dunham Organizations: Federal Reserve, New York Fed Bank, Fed, U.S, Treasury, PATH Traders, San Francisco Fed, Spelman College, Derby, Thomson Locations: U.S, New, Atlanta

☆ Current policy rate lets Fed be 'nimble' with incoming data, Mester says
▼ + stars: | 2023-11-29 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Loretta Mester, president of the Federal Reserve Bank of Cleveland, speaks during an interview in Manhattan, New York, U.S., August 15, 2017. The central bank's rate policy will need to be "nimble" and "I believe the current level of the (federal) funds rate positions us well to do that." Mester, who will retire from the regional Fed bank next June, spoke two weeks ahead of the Fed's Dec. 12-13 policy meeting. That gathering is widely expected to result in no change in the current 5.25%-5.50% policy rate range. She noted that Fed rate hikes have tightened financial conditions and moderated demand at a time when supply chains have been healing.

Persons: Loretta Mester, Shannon Stapleton, Mester, Mester's, Michael S, Paul Simao Organizations: Federal Reserve Bank of Cleveland, REUTERS, Cleveland Federal, Fed, Financial, FOMC, Thomson Locations: Manhattan , New York, U.S, Chicago

"Monetary policy is in a good place for policymakers to assess incoming information on the economy and financial conditions," Cleveland Fed President Loretta Mester said on Wednesday. The Fed has kept its policy rate unchanged in the 5.25%-5.50% range since July, and after the last meeting over Oct. 31-Nov. 1, Fed Chair Jerome Powell said he is not yet confident policy is restrictive enough. Fed Governor Christopher Waller, a policy hawk like Mester, on Tuesday delivered a similar assessment. Indeed, Waller said, if the inflation decline continues for several more months, rate cuts could be in order to keep policy from becoming overly tight. Atlanta Fed President Raphael Bostic, who has for months said the Fed policy rate at 5.25%-5.50% is high enough, said Wednesday he feels data backing that view is getting clearer.

Persons: Sarah Silbiger, Loretta Mester, Mester, Jerome Powell, Christopher Waller, Waller, I'm, Thomas Barkin, Barkin, Raphael Bostic, we’ve, Lindsay Dunsmuir, Deepa Babington Organizations: El Progreso Market, Washington , D.C, REUTERS, Cleveland Fed, Richmond Fed, CNBC, Dallas Fed, Reuters, Atlanta Fed, Thomson Locations: El Progreso, Mount Pleasant, Washington ,

☆ Fed may need four years to recoup income loss, St. Louis Fed study says
▼ + stars: | 2023-11-27 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The pincer movement of these two policy actions drove the Fed to start losing money in September 2022. The central bank captures the net negative income situation in an accounting measure called a deferred asset, which as of Nov. 22 stood at $120.4 billion. As the Fed sees it, the deferred asset is what must be covered before the central bank can again return excess earnings to the Treasury. The Fed has repeatedly stressed that losing money in no way impacts its ability to operate and conduct monetary policy. The research from the St. Louis Fed estimates it will cover the deferred asset by mid-2027.

Persons: Louis, Joseph Wang, Michael S, Andrea Ricci Organizations: Federal, U.S . Treasury, Federal Reserve Bank of St, Fed, Treasury, Louis Fed, Treasury Department, Reuters, New York Fed, Thomson

☆ US demand for new credit down in 2023, New York Fed survey shows
▼ + stars: | 2023-11-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

People walk by the Federal Reserve Bank of New York in the financial district of New York City, U.S., June 14, 2023. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Demand for new credit in the U.S. over the last year has declined and will likely stay soft in the future, according to a survey released on Monday by the New York Federal Reserve. But even as the overall application rate for new credit declined among those surveyed, interest in applying for more credit card debt rose. The survey said that reading had hit 29% as of October and was 26% for 2023, compared to a 27.2% credit card application rate in 2019. The report noted that expected decline in applications for credit extended to new credit cards, auto loans, mortgages and home refinancing.

Persons: Shannon Stapleton, Michael S, Paul Simao Organizations: Federal Reserve Bank of New, REUTERS, New York Federal Reserve, Fed, Consumer, New York Fed, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S

Speaking on CNBC, Boston Fed President Susan Collins also said the U.S. central bank must be "patient and resolute, and I wouldn't take additional firming off the table." Inflation by the Fed's preferred measure was 3.4% in September, down from its 7.1% peak last summer, but above the central bank's target. And he expressed increased confidence that the Fed can meet its inflation goal without the kind of rise in unemployment seen in the U.S. central bank's prior battles with inflation. Speaking on Thursday, Cleveland Fed President Loretta Mester, one of the central bank's more hawkish policymakers, said she had not yet assessed whether she would continue to pencil in a further rate hike. Fresh economic and interest rate projections are due to be the released at the Dec. 12-13 policy meeting.

Persons: Mary Daly, Daly, Susan Collins, Collins, Austan Goolsbee, Loretta Mester, Ann Saphir, Michael S, Pete Schroeder, Dan Burns, Balazs Koranyi, Paul Simao Organizations: Federal, San Francisco Fed, CNBC, Boston, Deutsche Bank, Chicago Fed, Fed, Cleveland Fed, Derby, Thomson Locations: Frankfurt, Germany, U.S

☆ Exclusive: Three Fed governors tell US senator there is room to reduce balance sheet
▼ + stars: | 2023-11-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

"Under plausible assumptions the size of the balance sheet could decline considerably further before reserves reach the level consistent with the ample reserves operating framework," Jefferson wrote in response to a series of questions from Scott about the roughly $8 trillion balance sheet. The senator also wrote letters to Fed Governors Lisa Cook and Adriana Kugler at the same time. Fed officials who have spoken on the matter have said the balance sheet can be reduced for an extended period. Speaking after the central bank's Oct. 31-Nov. 1 policy meeting, Fed Chair Jerome Powell said it was "not considering changing the pace of balance sheet runoff. Many market participants are eyeing next year or maybe 2025 as a potential time to end the drawdown of the balance sheet.

Persons: Philip Jefferson, Jefferson, Rick Scott, Scott, Lisa Cook, Adriana Kugler, Cook, Kugler, Jerome Powell, Loretta Mester, General, Michael S, Dan Burns, Paul Simao Organizations: Federal, Republican U.S, Fed, Reuters, Federal Reserve, Cleveland Fed, Thomson Locations: Jefferson

☆ Fed's Williams touts need for more market data transparency
▼ + stars: | 2023-11-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

“Having access to an abundance of data is a wonderful problem to have,” Williams said. “It’s important that we continue to prioritize transparency and clarity in data, especially financial market data. In separate comments for the conference, Michelle Neal, who leads the bank’s Markets Group, also touted the need for more transparency in the bond market. “I am looking forward to the increased transparency in on-the-run transaction data” industry participants are working toward, Neal said. “Looking further ahead, we should consider whether to take additional steps toward increased transaction transparency across the Treasury universe, especially for the less liquid segments of the Treasury market, such as the off-the-run market, where transparency is currently limited.”Neal noted that the off-the-run section of the Treasury market was where market issues were concentrated in March 2020, as the coronavirus pandemic sent investors thundering toward cash, upending market functioning.

Persons: John Williams, Carlo Allegri, ” Williams, “, Williams, Michelle Neal, Neal, ” Neal, Michael S, Chizu Organizations: Federal Reserve Bank of New, REUTERS, Federal Reserve Bank of New York, Treasury, bank’s Markets, Thomson Locations: Federal Reserve Bank of New York, New York, U.S

☆ NY Fed finds softer inflation expectations in October
▼ + stars: | 2023-11-13 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

A woman passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. The relative stability of New York Fed expectations data contrasts with that seen in the University of Michigan Consumer Sentiment Survey. It found in November a rise in year-ahead expected inflation to 4.4% from 4.2% in October, with five-year expected inflation up to 3.2%, from October’s 3%. Over the last year and a half the Fed has aggressively raised rates in a bid to cool high inflation. But it kept alive the prospect of more action should inflation not fall further on the path back to 2%.

Persons: Brendan McDermid, there’s, Jerome Powell, Powell, ”, Michael S, Andrea Ricci Organizations: Federal Reserve Bank of New, REUTERS, Consumer, New, New York Fed, University of Michigan Consumer, University of Michigan, Federal, Committee, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, September’s, New York, York, October’s

☆ Fed's Daly: Still too soon to say rate hike cycle is over -CNBC
▼ + stars: | 2023-11-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The Fed's monetary policy "is in a very good place" and "the news on inflation has been fairly good," Daly said in a CNBC interview. "There's a lot of demand for certainty that we would say we're done or we're definitely hiking, but the truth is, we don't know," Daly said. If financial conditions continued to ease, Daly said that would merit Fed attention. What's more, Daly noted that recent churning in the bond market was unlikely to be driven by some sort of underlying problem. "Bond yields move around for a variety of reasons, and there's a lot of uncertainty out there," Daly said.

Persons: Mary Daly, Daly, Jerome Powell, Powell's, Michael S, Andrea Ricci Organizations: Federal Reserve Bank of San Francisco, CNBC, Market, Financial, Fed, Thomson

☆ Fed reverse repos fall under $1 trillion for first time since August 2021
▼ + stars: | 2023-11-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Cash from money market funds and other eligible firms flowing into the Fed's reverse repo facility stood at $993.3 billion on Thursday, which was the first time flows fell under the $1 trillion mark since Aug. 10, 2021. Until fairly recently, Fed efforts to pull liquidity out has had only a modest impact on the reverse repo inflows, which had held above $2 trillion per day until mid-June. J.P. Morgan economists said Thursday that reverse repo balances "should decline further" given what's happening with Treasury debt offerings. The accelerating decline of the reverse repo facility has fueled questions about how far the Fed has left to go on shrinking the size of its balance sheet. They project reverse repo levels will stand at $700 billion at that point.

Persons: Cash, Morgan, Michael S, Daniel Wallis, Andrea Ricci Organizations: Fed, Thomson

☆ Fed's Williams says US central bank's policymaking now more strategic
▼ + stars: | 2023-11-08 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, U.S., November 6, 2019. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 8 (Reuters) - New York Federal Reserve President John Williams said on Wednesday that the U.S. central bank had made great strides over recent decades in improving how it makes policy over the long run. Fed research analysis three decades ago was largely tactical and "very much about the here and now" of decision making, Williams said in prepared remarks for a speech to a U.S. central bank statistics conference in Washington. But the Fed has now undergone a large transformation both in transparency and how it thinks about making policy as a longer-running strategy, he said. Williams' prepared remarks did not address the monetary policy and economic outlook.

Persons: John Williams, Carlo Allegri, Williams, Michael S, Paul Simao Organizations: Federal Reserve Bank of New, REUTERS, New York Federal, Thomson Locations: Federal Reserve Bank of New York, New York, U.S, New, Washington

☆ NY Fed: US Q3 credit card debt up on strong economy, as credit woes tick higher
▼ + stars: | 2023-11-07 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

A credit card is used on a payment terminal at a shop near Nantes, France, in this illustration picture taken November 6, 2023. The New York Fed report found credit issues are rising, albeit from low levels. The report said increases in credit card delinquency rates were most pronounced for thirtysomething borrowers. “The continued rise in credit card delinquency rates is broad-based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans,” the economist noted. Line chart with data from the Federal Reserve Bank of New York show credit card and auto loans delinquencies for over 30 days.

Persons: Stephane Mahe, there's, Donghoon Lee, “, Daniel Silver, Morgan, Lisa Cook, Michael S, Andrea Ricci, Jonathan Oatis Organizations: REUTERS, Federal Reserve Bank of New York, New York Fed, New, Fed, The New York Fed, New York Federal Reserve, Federal Reserve Bank of New, New York, Thomson Locations: Nantes, France, The, U.S, Federal Reserve Bank of New York, New

☆ Kashkari: Fed has more work to do to control inflation
▼ + stars: | 2023-11-07 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, attends an interview with Reuters in New York City, New York, U.S., May 22, 2023. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Nov 6 (Reuters) - Federal Reserve Bank of Minneapolis President Neel Kashkari said on Monday that the U.S. central bank likely has more work ahead of it to control inflation. “The economy has proved to be really resilient even though we’ve raised interest rates a lot over the past couple of years. Kashkari's comments suggested he is still leaning toward raising interest rates again. But with price pressures falling, many in markets believe the Fed is done with raising rates.

Persons: Neel Kashkari, Mike Segar, we’ve, Kashkari, Michael S, Leslie Adler, Matthew Lewis Organizations: Federal Reserve Bank of Minneapolis, Reuters, REUTERS, Fox News, Fed, Derby, Thomson Locations: New York City , New York, U.S, New York

☆ Fed's Bostic, cheered by jobs data, still leans against further rate hikes
▼ + stars: | 2023-11-03 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 3 (Reuters) - Federal Reserve Bank of Atlanta President Raphael Bostic, weighing in after the release of the latest round of jobs data, said on Friday that the economy's current path appears to indicate that further interest rate increases will not be required. Even so, he said, "there's still a lot that’s going to happen between now and even the next meeting. The jobs report came after the Fed earlier this week held its short-term interest rate target at the 5.25% to 5.5% level it has been at since late July. The Fed preserved the option to raise rates further but most investors believe it won't, and the jobs data helped bolster the case for no further action. Bostic said he is not looking for the U.S. to have a recession as part of his current forecast.

Persons: Raphael Bostic, Bostic, We're, I'm, Michael S, Daniel Wallis Organizations: Federal Reserve Bank of Atlanta, Fed, Thomson

☆ Fed's Bostic says he's leaning against additional rate hikes
▼ + stars: | 2023-11-03 | by ( Michael S. Derby | ) www.reuters.com time to read: 1 min

NEW YORK, Nov 3 (Reuters) - Federal Reserve Bank of Atlanta President Raphael Bostic said on Friday that the economy's current path appears to indicate that further interest rate increases will not be required. "My outlook is that we are going to stay on that slow and steady [growth path] and if we continue to do that, then I think where we are now will be sufficiently restrictive to get us to the 2% level for inflation," Bostic said in an interview on Bloomberg's television channel. Even so, he said, "There's still a lot that’s going to happen between now and even the next meeting. We're going to get a couple of jobs numbers, we're going to get a couple of readings for inflation, and that'll tell us and give us more signals as to what's going on in the economy." Reporting by Michael S. DerbyOur Standards: The Thomson Reuters Trust Principles.

Persons: Raphael Bostic, Bostic, We're, Michael S Organizations: Federal Reserve Bank of Atlanta, Derby, Thomson

☆ Fed's Powell says balance sheet rundown will proceed without change for now
▼ + stars: | 2023-11-01 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Federal Reserve Board Chair Jerome Powell answers a question at a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. REUTERS/Kevin Lamarque Acquire Licensing RightsNEW YORK, Nov 1 (Reuters) - Federal Reserve Chair Jerome Powell said on Wednesday that he sees no reason to change the current drawdown of the central bank's still-massive balance sheet. The rate-setting Federal Open Market Committee "is not considering changing the pace of balance sheet runoff. While shrinking Fed holdings may have a small impact on real world borrowing costs, "I think it’s hard to make a case that reserves are even close to scarce at this point." Reuters GraphicsFed officials have said repeatedly that the balance sheet drawdown effort complements rate rises and runs in the background.

Persons: Jerome Powell, Kevin Lamarque, Powell, it's, Loretta Mester, Michael S, Andrea Ricci Organizations: Federal, Committee, Federal Reserve, REUTERS, Fed, Reuters Graphics Reuters, Reuters Graphics Fed, Reuters Graphics, Cleveland Fed, Thomson Locations: Washington , U.S

☆ Fed's Powell says higher rates need to persist to affect Fed policy choices
▼ + stars: | 2023-11-01 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

Federal Reserve Board Chairman Jerome Powell answers a question at a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. REUTERS/Kevin Lamarque Acquire Licensing RightsNEW YORK, Nov 1 (Reuters) - Federal Reserve Chairman Jerome Powell said Wednesday that market borrowing costs would need to be sustainably higher for that to bear on future central bank monetary policy choices. Tighter financial conditions could bear on Fed actions if they are persistent and it "remains to be seen" if that will be the case. But he did add higher Treasury market yields "are showing through" to real world borrowing costs, Powell said at a press conference following the Federal Open Market Committee meeting. Reporting by Michael S. Derby; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Kevin Lamarque, Powell, Michael S, Chizu Organizations: Federal, Committee, Federal Reserve, REUTERS, Thomson Locations: Washington , U.S

☆ Fed's reverse repo facility drawdown looms large in balance sheet debate
▼ + stars: | 2023-10-31 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

Inflows have dropped sharply in recent months to around $1 trillion in the face of the Fed's aggressive policy tightening underway since last year. Fed officials, for their part, have said repeatedly they’ve got a lot of room to cut their holdings of Treasuries and mortgage-backed securities, a process that complements Fed rate increases. So far, reverse repos have “come down very smoothly,” Lorie Logan, president of the Dallas Fed said earlier this month. In his view, if reverse repos stopped contracting that could become a meaningful sign liquidity levels were getting tight enough for the Fed to change gears. "We still have a very large balance sheet" so the balance sheet cuts can likely continue over the next year and half to two years, she said, adding when it comes to getting to the finish line, "it's going to take a while."

Persons: they’ve, ” Lorie Logan, Logan, “ I’ve, Wells Fargo, Roberto Perli, Lou Crandall, Wrightson ICAP, Crandall reckons, Loretta Mester, Michael S, Dan Burns, Andrea Ricci Organizations: Fed, Dallas Fed, New York Fed, Reuters Graphics Reuters, Cleveland Fed, Thomson Locations: Treasuries, Wells

☆ NY Fed to tackle weather-related risks in upcoming research barrage
▼ + stars: | 2023-10-25 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

[1/3] A woman passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. The New York Fed foray into the topic comes as the central bank has retreated from the climate issue after facing heat from some members of Congress. Meanwhile, the central bank formally joined in late 2020 with other major central banks in efforts to shore up the financial system against climate-related disruptions. Some in Congress have seen the Fed’s climate work as a sign of a politicized central bank. That said, the Fed has not ruled out thinking about how climate disruptions affect the full measure of the economy.

Persons: Brendan McDermid, there's, Jerome Powell, Loretta Mester, John Williams, ” Williams, Michael S, Andrea Ricci Organizations: Federal Reserve Bank of New, REUTERS, “, New York Fed, Fed, Cleveland Fed, Queens College, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, New York, New Jersey, Connecticut, Puerto Rico, Congress

☆ Fed's Mester says Fed at or near peak for interest rate target
▼ + stars: | 2023-10-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Mester noted Fed forecasts released at the September meeting eyed another increase in what is currently a federal funds target rate range of between 5.25% and 5.5% by the end of the year, and then to hold rates steady at high levels for an extended period. “This is consistent with my own reading of economic conditions, the outlook, and the risks to the outlook,” she said. Mester, who does not have a vote on the Federal Open Market Committee this year, also noted that the outlook for policy can change. In her remarks, Mester said inflation pressures are coming down but remain too high. Mester also said that if the recent surge in bond yields is sustained it should help moderate demand, which aligns with Fed goals.

Persons: Loretta Mester, ” Mester, Mester, ”, Michael S, Andrea Ricci Organizations: Federal Reserve Bank, Cleveland, Federal, Fed, Thomson

☆ Fed's Bostic: possible Fed could lower rates in late 2024 - CNBC
▼ + stars: | 2023-10-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

FILE PHOTO: President and Chief Executive Officer of the Federal Reserve Bank of Atlanta Raphael W. Bostic speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. But that’s possible next year, and “I would say late 2024” is on the table for an easing, Bostic said. The policymaker, who does not hold a vote on the rate setting Federal Open Market Committee this year but will next year, has said in recent remarks he believes the Fed is done raising rates. Bostic said in the television appearance that information he’s picking up points to an economy which, while still possessing forward momentum, is losing speed. “When I talk to businesses, they all tell me the slowdown is coming,” Bostic said.

Persons: Federal Reserve Bank of Atlanta Raphael, Bostic, Clodagh, Raphael Bostic, “, ” Bostic, ”, “ I’ve, he’s Organizations: Federal Reserve Bank of Atlanta, REUTERS, CNBC Locations: Dublin, Ireland

☆ Fed has 'some time' to see data before deciding next rate move, says Logan
▼ + stars: | 2023-10-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Logan acknowledged progress in lowering inflation while still being unsure that price pressures are ebbing to the Fed's 2% target. She said a still-strong job market may need to weaken further to help the Fed achieve its inflation goals. "My focus is on price stability and what further tightening may be needed to achieve our mandate," Logan said. If tighter financial conditions are "persistent that could mitigate some of the need for further increases," Logan said. In her remarks Logan also took stock of the outlook for the Fed's balance sheet contraction policy.

Persons: Lorie Logan, Ann Saphir, Logan, Jerome Powell, Michael S, Sandra Maler, Leslie Adler Organizations: Reserve Bank, Dallas, Kansas City, REUTERS, Federal Reserve Bank, New York University, New, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S, New York

☆ Fed's Logan: Fed has "some time" to see data before deciding next rate move
▼ + stars: | 2023-10-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

Federal Reserve Bank of Dallas President Lorie Logan walks to the opening dinner of the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, U.S., August 24, 2023. REUTERS/Ann Saphir/File Photo Acquire Licensing RightsNEW YORK, Oct 19 (Reuters) - Federal Reserve Bank of Dallas President Lorie Logan said on Thursday recent data and market shifts give the central bank space to deliberate on its next monetary policy move. "We have some time" before having to make the call whether to raise rates again or hold them steady, Logan said at a gathering of the Money Marketeers of New York University. Logan noted that a desirable tightening in financial conditions gives officials some space to watch incoming data, as she noted progress in lowering inflation while still being unsure price pressures are ebbing to the 2% target. Reporting by Michael S. Derby; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Lorie Logan, Ann Saphir, Logan, Michael S, Sandra Maler Organizations: Reserve Bank, Dallas, Kansas City, REUTERS, Federal Reserve Bank, New York University, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S

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