February's JOLTS report showed the labor market has remained in a strong position while the Federal Reserve holds interest rates at multi-decade highs.
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Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday she continues to think the central bank is on track to cut rates this year but still needs to see the data confirm such a move is possible. “If the economy evolves as expected, then in my view it will be appropriate for the [Federal Open Market Committee] to begin reducing the fed funds rate later this year, as inflation continues on its downward path toward 2%, and labor markets and economic growth remain solid,” Mester said in the text of a speech prepared for delivery before a gathering held by the National Association for Business Economics, Cleveland Association for Business Economics, and Team NEO. Mester cautioned that to pave the way for an easing in the stance of monetary policy she needs to see upcoming inflation data meet her forecast of further declines.
