The U.S. economy will likely skirt a serious downturn despite current risks from...
CLEVELAND - The U.S. economy will likely skirt a serious downturn despite current risks from trade and a slowing global economy, Cleveland Federal Reserve President Loretta Mester said on Thursday, arguing that absent evidence of a “material change” in the outlook the central bank should not cut rates any more.
“You don’t relitigate those things,” she said. “What I am looking at is, is there evidence that the slow down in the business side is becoming broader and impacting the consumer side and labor markets?” “The economy has been resilient through other situations that look like this,” she said, comparing the current sense of global weakness to a soft patch the economy hit around 2014 without going into recession.The Fed has cut rates twice this year, in July and September, lowering them to a range of between 1.75% and 2% on the grounds that an economy buffeted by an uncertain global trade environment needed some support to keep a decade-long recovery under way.
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