Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
Federal Reserve Governor Stephen Miran said better-than-expected inflation data and signs of continued weakness in the labor market call for a third consecutive interest rate cut in December. In the absence of new economic information due to the government shutdown, a half-point cut next month is still "appropriate," Miran said Monday in an interview with CNBC. "At a minimum," he added, the central bank should lower rates by an additional quarter of a percentage point. "We have new inflation data that is better than expected, which would lead one to think that it would be reasonable to be...
Slowing payroll growth in the U.S. is more likely the result of weaker demand for workers rather than reduced labor force from tightened immigration policies, according to San Francisco Federal Reserve President Mary Daly. In an essay published Monday, Daly noted that slowing wage growth indicates businesses need fewer workers rather than struggling to find employees amid immigration restrictions implemented by the Trump administration. Monthly job growth in the U.S. has declined from approximately 150,000 per month in 2024 to around 50,000 in the first half of 2025. "Demand for workers...
Two weeks before the US Federal Reserve's final meeting, with the federal government's data taps closed, Atlanta Fed staff bolstered their economic outlook by analyzing how previous surveys of business executives aligned with data on employment, spending, output, and other data recorded in federal reports. These results bolstered their confidence that central bank policymakers still have a good, if rough, alternative ahead of the October 28-29 meeting: between surveys proven to closely track the economy, private data the Fed has used for years, and new insights from emerging technology...
Chicago Federal Reserve President Austan Goolsbee on Thursday said the lack of official data on inflation during the government shutdown "accentuates" his caution about cutting interest rates further. "I lean more to the, when it's foggy, let's just be a little careful and slow down" Goolsbee said in an interview with CNBC. Fed policymakers are relying on private data and their own surveys and outreach to gauge where the economy is heading while official economic data from the Bureau of Labor Statistics and other U.S. agencies is on pause during what is now a record-long federal government...
Parts of the U.S. economy, particularly housing, may already be in recession because of high interest rates, U.S. Treasury Secretary Scott Bessent said Sunday, repeating his call for the Federal Reserve to accelerate rate cuts. "I think that we are in good shape, but I think that there are sectors of the economy that are in recession," Bessent said on CNN's "State of the Union" program. "And the Fed has caused a lot of distributional problems with their policies." Bessent said that, although the overall U.S. economy remains solid, high mortgage rates still hinder the real estate market....
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...