Federal Reserve official Musalem said he had recommended a rate hike in July but declined to offer a clear view on what the Fed should do at its September Federal Open Market Committee meeting. He said he would not prejudge the September meeting.
Musalem also said he wants inflation brought down to 2% within 18 months. He added that core inflation must be watched when supply shocks occur. On communication, he said forward guidance amounts to a commitment, while explaining the policy framework is different. He also stated that the labor market is not creating inflation pressure.
The remarks, cited by ChainCatcher, focused on the Fed’s policy stance, inflation targets, and how officials should communicate future policy moves ahead of the September FOMC meeting.
According to ChainCatcher, Federal Reserve official Musalem said he had recommended a rate hike in July, but did not want to give a clear view on what action the Fed should take at the September Federal Open Market Committee, or FOMC, meeting. He also said he would not prejudge the September meeting.
Musalem added that he wants inflation to be reduced to 2% within 18 months. He said core inflation must be monitored when supply shocks occur.
He also said forward guidance implies a commitment, while communicating the policy framework is different. Separately, he said the labor market is not generating inflation pressure.
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