Fed’s Hammack: Committed to achieving Fed's 2% inflation target
Federal Reserve (Fed) President of the Bank of Cleveland, Elizabeth Hammack, said on Friday that the lack of data during the shutdown made it harder to read inflation. She also said that she is very grateful that the government data returned.
Key takeaways.
The labor market has beengradually cooling but inflation is above target.
Balancing both sides of the Fed mandate is challenging.
Not having government data has created a bit of a fog for the Fed.
There is a wide range of alternative data on the job market.
Lack of data makes reading inflation harder to do.
Very grateful government data is returning.
Independent central banks deliver better outcomes.
Novel that a Fed governor retained a connection to the White House.
Weaker dollar this year was not about moving away from currency.
Is committed to achieving Fed's 2% inflation target; price pressures have been too high.
Seeing some softening on the labor side of the economy.
Has every confidence the next Fed chair will be focused on the 2% inflation target.
Local contacts describe low hire, low fire job sector.
Fed's decision this week was complicated.
Job market break even is greatly reduced.
Right now Fed policy is right around neutral.
Would prefer for Fed policy to be a little more restrictive than current level.
Will be watching carefully to see if inflation moderates and jobs stabilize.
Private credit does not appear large enough now to create systemic risks.
Would like more visibility into private credit.”
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.02% | 0.14% | 0.23% | -0.07% | -0.06% | -0.07% | 0.00% | |
| EUR | -0.02% | 0.12% | 0.22% | -0.09% | -0.08% | -0.09% | -0.01% | |
| GBP | -0.14% | -0.12% | 0.10% | -0.21% | -0.21% | -0.22% | -0.14% | |
| JPY | -0.23% | -0.22% | -0.10% | -0.29% | -0.29% | -0.31% | -0.22% | |
| CAD | 0.07% | 0.09% | 0.21% | 0.29% | -0.00% | -0.02% | 0.08% | |
| AUD | 0.06% | 0.08% | 0.21% | 0.29% | 0.00% | -0.01% | 0.06% | |
| NZD | 0.07% | 0.09% | 0.22% | 0.31% | 0.02% | 0.00% | 0.08% | |
| CHF | -0.00% | 0.01% | 0.14% | 0.22% | -0.08% | -0.06% | -0.08% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Agustin Wazne
FXStreet
Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.
