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Upgrade to Premium $NVDA EARNINGS Earnings, forecasts top estimates as ‘age of AI is in full steam’ Fed’s Collins Says More Easing Needed, Final Destination Unknown Jonnelle Marte Wed, Nov 20, 2024, 3:00 PM 2 min read
(Bloomberg) — Federal Reserve Bank of Boston President Susan Collins said more interest-rate cuts are needed, but policymakers should proceed carefully to avoid moving too quickly or too slowly.
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“While the final destination is uncertain, I believe some additional policy easing is needed, as policy currently remains at least somewhat restrictive,” Collins said Wednesday in remarks prepared for an event at the University of Michigan’s Gerald R. Ford School of Public Policy in Ann Arbor.
The Boston Fed chief also said policy is well positioned for the Federal Open Market Committee to address the risks to both inflation and employment, reiterating rates are not on a preset path.
“The policy adjustments made so far enable the FOMC to be careful and deliberate going forward, taking the time to holistically assess implications of the available data for the outlook and the associated balance of risks,” she said.
Fed officials cut interest rates by a quarter point this month following a half-point reduction in September. Several policymakers have since said they favor a careful approach to further rate adjustments, citing uncertainty about how much they will ultimately be able to lower borrowing costs.
‘Good Place’
Collins described the economy as in a “good place overall” and said inflation is on track to return to the Fed’s 2% target, although progress may be uneven. She noted resilient demand could put upward pressure on prices.
The Fed official described the labor market as healthy but flagged job growth is becoming more concentrated in a few sectors.
“Any further slowing in hiring would be undesirable,” Collins said.
She said last week that inflation is on a “strong trajectory” back toward 2%, even though the data may bounce around from month-to-month. Collins also said a rate cut remains on the table for December, but emphasized the decision will be based on incoming data.
Policymakers will submit updated projections for interest rates and the economy when they meet next month on Dec. 17 and 18. Prior to joining the Boston Fed, Collins spent 15 years at the University of Michigan, including a decade as dean of the Ford School.
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