Fed's Hammack says there's still time to weigh next monetary policy move
TLT•Cleveland Fed President Beth Hammack said the September jobs report fits the recent hiring trend and that officials have time to assess data before the Fed's next meeting. The report showed 29,000 new jobs and unemployment of 4.2%; average monthly job gains over the past year were 41,000.
1. Hiring trend and policy
Hammack said the September employment report was consistent with recent hiring, citing an average of 41,000 jobs created monthly over the past 12 months. She said that was largely in line with her estimate of the break-even level, suggesting stability in hiring.
2. Fed decision timing
Hammack said officials will have more information before their meeting at the end of October to assess the appropriate policy stance. The Fed raised its target rate by a quarter percentage point last month, to a range of 3.75% to 4%, and officials had projected another increase before year-end. Comments from officials this week indicated no action was likely at the Oct. 27-28 meeting.
