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‘Several’ Fed Officials Would’ve Supported A Rate Cut Last Month: FOMC Minutes
"Many participants noted that reported payroll gains might be overstated," an account of the July FOMC meeting released on Wednesday afternoon in the US read.
As it turns out, those participants were correct. Reported payroll gains were indeed overstated. And by a whopping 818,000, according to the BLS's first attempt at revising the jobs tally for the 12 months ended March of 2024.
The July Fed minutes were published just a few hours after the government's annual benchmark payroll revisions,
Hey still waiting for Larry Summers to recant his forecast that unemployment needed to hit 6% to bring inflation down. Turns out inflation was really temporary as about 2/3 or more of excess inflation was supply related due to covid and russia/ukraine. Arguably fed funds now should be in the 3% range to get the economy into a steady state between inflation and unemployment. Time to declare victory and get out!
Larry Summers and the word “recant” cannot peaceably coexist.
RIA…everything is transitory in life…
The likes of Summers are too busy decanting new forecasts to consider recanting old ones.