Central Banks

Hawkish comments from a hawkish central banker

  • US far from the point where market drop brings a significant pullback in risk taking and spending

  • US economy doing ‘very well’ on inflation goal and ‘very strong’ labor market

  • US financial conditions still accommodative, sees no signs investors overly pessimistic

  • Expects business and consumer spending to remain robust, sees no strong housing pullback

  • Sees unemployment below 3.5% by end 2019

  • Nearing end of extraordinary policy, close to normal

  • Tariffs act like a tax, weighing on productivity

There’s no sign of the Fed backing down to the President or to the equity markets. Note that these comments were out about an hour ahead of schedule.


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