Fed’s Kashkari Wants ‘Few More’ Strong Job Reports Before Taper

Bloomberg2021-08-16

Max employment may be higher than pre-pandemic level: Kashkari Minneapolis Fed president speaks on Bloomberg Odd Lots podcast A few more strong jobs reports over the coming months would mark enough ...

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Pandachubby
2021-08-16
Pandachubby
Wow
TraderNeo
2021-08-16
TraderNeo
I’m sure markets will be on edge in the next few FOMC meetings as talks on taper are inevitable. I think there is more room in the market that is not yet priced in for a taper. Some thoughts.
- 魔王大大:
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In June, the last time Fed officials published projections for interest rates, he was one of five on the 18-strong Federal Open Market Committee who expected it would not be appropriate to begin raising rates before the end of 2023.\n‘Really Humble’\nWhile the FOMC is only looking for “substantial further progress” toward full employment before it begins winding down its bond-buying program, it has said it won’t begin raising rates before full employment is achieved. According to Kashkari, that may mean even higher levels of employment as a share of the population than prevailed immediately prior to the onset of the pandemic.\nThe employment-to-population ratio for “prime working-age” Americans -- those between the ages of 25 and 54 -- reached a 19-year high of 80.5% in January 2020. But data on wages and productivity in 2019 and early 2020 were “not suggesting high inflation was around the corner,” Kashkari said.\n“I’m not convinced we were actually at maximum employment before the Covid shock hit us. So, that’s exactly why I want us to be really humble about declaring, ‘This is as good as it can get’,” he said.\nGetting labor force participation and employment rates “at least back to where they were before, but not necessarily even declaring victory when we do that -- I think that’s a reasonable thing for us to try to achieve.”\nLast summer, the Fed unveiled changes to its framework for monetary policy making following an internal review of its practices that spanned a year and a half. One change Fed officials made was redefining their interpretation of the mandate given to them by Congress -- to target maximum employment in the U.S. economy -- as a “broad-based and inclusive goal.”\nStill, the Fed will ultimately be limited by inflationin the employment outcomes it canhopeto achieve, Kashkari said. The Minneapolis Fed chief said he shares the view of many of his colleagues that the current bout of price pressures is transitory and will dissipate as the economy moves past the pandemic, though inflation rates could rise down the road at higher levels of labor utilization.\n“We do not have the ability of targeting, for example, the Black unemployment rate -- and saying, ‘We need to get the Black unemployment rate toX, and we’re not going to be at full employment until we get it toX,’ because we have to pay attention to what that means for, on the inflation side of our dual mandate.”","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":830279930,"gmtCreate":1629078194920,"gmtModify":1676529922291,"author":{"id":"3557300951777174","authorId":"3557300951777174","name":"Pandachubby","avatar":"https://static.tigerbbs.com/4219cbe80202ef8b5c370a68f24f052b","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3557300951777174","authorIdStr":"3557300951777174"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830279930","repostId":1142100236,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":830260803,"gmtCreate":1629076093902,"gmtModify":1676529921287,"author":{"id":"3576119840362689","authorId":"3576119840362689","name":"TraderNeo","avatar":"https://static.tigerbbs.com/85e1a1e44089d2f20240d3e7bc6fc0c7","vip":1,"hat":"https://static.tigerbbs.com/ae1f49570794979e009a5efdeb6f4789","crmLevel":5,"crmLevelSwitch":1,"idStr":"3576119840362689","authorIdStr":"3576119840362689"},"htmlText":"I’m sure markets will be on edge in the next few FOMC meetings&nbsp;as talks on taper are&nbsp;inevitable. I think there&nbsp;is more room in the market that is&nbsp;not yet priced in for a taper. Some thoughts.&nbsp;","listText":"I’m sure markets will be on edge in the next few FOMC meetings&nbsp;as talks on taper are&nbsp;inevitable. I think there&nbsp;is more room in the market that is&nbsp;not yet priced in for a taper. Some thoughts.&nbsp;","text":"I’m sure markets will be on edge in the next few FOMC meetings as talks on taper are inevitable. I think there is more room in the market that is not yet priced in for a taper. Some thoughts.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/830260803","repostId":1142100236,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6059781,"gmtCreate":1633084614034,"gmtModify":1663234738934,"authorId":3568712936130316,"author":{"id":3568712936130316,"idStr":"3568712936130316","authorId":3568712936130316,"name":"魔王大大","avatar":"https://static.tigerbbs.com/5b117b6c59b23211bc994189df572d82","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":830260803,"type":1,"supId":0,"prevId":0,"content":"?","text":"?","html":"?"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":104,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1142100236"}