Fed's Bostic: Jobs market is not weak, economy might be too strong for policy recalibration

Federal Reserve Bank of Atlanta President Raphael Bostic noted on Tuesday that despite a recent slowdown in the US labor market, the jobs market itself is not showing signs of weakness, further highlighting that despite significant progress on inflation, overall price figures have not yet hit target levels. Key highlights Labor market has slowed down, but it's not slow or weak. Monthly job creation is above what is required to account for population growth.

Inflation rate is still quite a ways above 2%. Still laser-focused on inflation but the job market is also salient. There is a risk that the economy is too strong, and could hamper policy recalibration. Businesses say that consumers have become much more price sensitive, curbing their ability to raise prices. Hurricanes Helene and Milton potentially have significant implications for economy over next three to six months.

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Fed Officials Split On Labor Market Strength As Inflation CoolsCNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Highlights include: Federal Reserve officials are divided on the strength of the labor market as inflation continues to cool. Minneapolis Fed President Neel Kashkari emphasized the strong jobs market, while Atlanta Fed President Raphael Bostic acknowledged faster progress on inflation than expected. Chicago Fed President Austan Goolsbee called for a focus on risks to employment alongside inflation.
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