Cleveland Fed Pres. Beth Hammock speaking on CNBC says:
- Uncertainty is weighing on businesses. Influences planning on spending and employment
- Wish I had a crystal ball on implications on tariffs
- Cone of possibilities for economy are so wide.
- Does not have basecase right now. Is looking at snares for economy
- I would rather take our time on policy. Look at the data
- Fed needs to be patient
- Soft data is more concerning. Seeing good things in the hard data
- Fed will move quickly if they have to.
- When it is clear which way the economy is going, that is when the Fed will react
- It is the real data that the Fed is monitoring
- Watches markets for their impact on real economy
- Over recent weeks, markets clearly volatile, but functional
- There is a hangover from the pandemic were businesses don’t want to let their employees go. That may help to support the labor market
- Economy is very resilient
- Fed can move in June if data is clear about economies state
- Sell America trade should be monitored but could just be a rebalancing.
- The Fed is not steering the markets, but the economy
- Independent central banks deliver better outcomes. Markets recognize this
The US stocks in premarket trading are mixed now ahead of the 9:30 AM ET open.
- Dow industrial average is down -100 points
- S&P index is up 2.64 points
- Nasdaq index is up 51 points
This article was written by Greg Michalowski at www.forexlive.com.
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