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Federal Reserve's Powell: Labor Market Slowing, Tariffs Only Have Short-Term Impact, Fed Will Soon Cut Interest Rates
BlockBeats News, August 7th. San Francisco Fed President Daly said on Wednesday that considering the slowing labor market and her assessment that tariffs pose only a short-term threat to inflation, she believes the Fed will soon need to cut interest rates. "In the absence of tariffs, inflation has been gradually declining, and with the economy slowing down and monetary policy still restrictive, inflation should continue to fall." She added that despite tariffs pushing up inflation in the short term, it is unlikely to have a lasting impact. Meanwhile, the labor market has shown signs of weakness. "I think further slowing would be worrisome, and once the labor market starts to shake, it usually deteriorates rapidly and severely. All of this suggests that we will likely need to adjust policy in the coming months." (FXStreet)
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