"The labour market conditions I have observed over the past year can be described as a'moderate and gradual cooling ', but the overall picture remains solid," said Mr. Williams, a Fed official and Powell ally. While the unemployment rate rose only modestly to 4.2 per cent in July, compared with 4.1 per cent in June, the relatively weak non-farm payroll data gave Mr. Powell room to push for a consensus rate cut. Mr. Williams pointed to the sharp downward revisions to job growth in May and June as the real focus of the report.
"This information is critical to help us understand where labour supply and demand are headed and the cooling of labour market momentum," he said. Mr. Williams was cautious about whether a rate cut was possible in September, not endorsing expectations for a rate cut that had reached as high as 80 per cent. "The challenges facing market participants are the same as those facing us as policymakers," he said. "I think the direction in which the market is reacting to the signal is understandable." Mr. Williams expects US growth to slow to about 1 per cent this year, but believes the economy is on track to pick up in 2026. (Jin Ten)
The Federal Reserve's Williams talks about a cooling labor market, cautiously treating expectations for a September rate cut
2025-08-02 02:29:55
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