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The threshold for the fed to further cut interest rates is very high. President Powell said that the Fed would not act again until there is a "significant" change in the outlook for the US economy.
A local Federal Reserve official said Tuesday that just a drop in monthly employment growth is not enough. He outlined why the Fed might be forced to explain why slowing employment growth, the most watched economic indicator, is not necessarily a bad omen during a potentially fierce election.
Thomas Barkin, President of the Federal Reserve Bank of Richmond, said that if the economy only grows at a trend rate, then the monthly employment growth needed is 100000, "and you have to deal with the complexity of employment growth far below the level that has been common for some time... To make everyone understand that this is actually normal, it is difficult."
Employment growth has been above this level for more than a decade of economic expansion, averaging 223000 jobs per month in 2018.
Fed officials and many analysts have been anticipating a slowdown in monthly job growth, adding to this feeling the record low unemployment rate and corporate reports that filling job vacancies is more difficult and takes longer.
But U.S. President trump focused on job growth in his speech in New York on Tuesday, focusing on economic performance as the mainstay of his re-election campaign, and again criticized the Fed for cutting interest rates too slowly.
"Keep in mind that we are actively competing with countries that have publicly cut interest rates, and now many countries are actually paying back on their loans, which is called negative interest rates. Who has heard of such a thing? " "Give me some of this policy, give me some of this money, I need some of this money," trump said in a speech at the New York economic club. Our Fed won't let us do that. "
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