Fed members comment on US economy 🗽US dollar gains

The Federal Reserve members, Logan and Schmid commented today to US labour market, bank reserves and interest rates policy. Here is the highlight from those remarks.

Fed Logan

If the recent rise in repo rates turns out not to be temporary, the Fed would need to begin buying assets.
Layoffs and unemployment claims have stayed low, though I am mindful of recent layoff announcements.
The breakeven payroll growth has likely fallen to 30,000 jobs per month.
I did not see a need to cut rates this week; the economic outlook did not call for it.
The labor market is roughly balanced, cooling slowly.
TGCR and IORB spread is a central indicator of reserve supply.
The time has come for the Fed to modernize the target rate.
The size and timing of asset purchases shouldn’t be mechanical.
Dealers may now need to step up readiness to access SRF.
I am disappointed to see tri-party repo rates exceed the SRF rate.
There might be room for further modest decreases in reserves.
The Fed already mitigated employment risk with the September cut.
I would find it difficult to cut rates again in December.
I would’ve preferred to hold rates steady this week.

Fed Schmid

The job market is largely in balance, but inflation is too high.
A rate cut could call into question the Fed’s commitment to 2% inflation.
Monetary policy should lean against demand growth.
The Fed’s policy stance is only modestly restrictive.
A rate cut can’t address structural changes in the job market.

Source: xStation5

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Fed members comment on US economy 🗽US dollar gains

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