The Fed might believe that additional demand management is necessary. But sometimes good news on the economy may actually just be good news.
to emerging signs of strength in the US economy — a subtle shift from July, when he mostly saw activity expanding at a “moderate pace.”“We are attentive to signs that the economy may not be cooling as expected. So far this year, GDP growth has come in above expectations and above its longer-run trend, and recent readings on consumer spending have been especially robust. ...
But none of this calls for immediate action under the Fed’s current framework. Consider that about three years ago at the same Wyoming symposium, Powell himself unveiled a new policy framework that subtly — but quite meaningfully — tweaked how policymakers think about economic strength and the labor market.
“Getting inflation sustainably back down to 2 per cent is expected to require a period of below-trend economic growth as well as some softening in labour market conditions.”
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