Fitch: The Federal Reserve Need Not Worry About Employment as Oil Prices Aid in Cooling Inflation
According to Golden Ten Data on July 2, Brian Coulton, Chief Economist at Fitch Ratings, believes that today's data means the Federal Reserve does not need to worry excessively about the employment aspect of its mandate. However, he added, "Another notable feature of recent labor market data is the slowdown in wage growth, which will ease inflationary pressures at a time when oil prices are falling sharply."
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On September 16, the Federal Reserve announced a 25 basis-point interest rate hike, raising the target range for the federal funds rate to 3.75%–4.00%, with unanimous approval from all 12 votes. Compared to the July statement, this statement removed the specific mention of the "Middle East conflict," replacing it with "developments in geopolitical situations." It also added the phrase "domestic spending remains resilient," and simplified the language regarding inflation to "remains elevated." Overall, the communication style continues the minimalist approach of the new Chairman Walsh.
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