Market 08/22: Economic Data Continues to Worsen

Statements from FED members at Jackson Hole:

FED Collins - Boston Fed President

• Clear improvement in inflation has been seen

• It's the right time to cut interest rates

• Labor market remains fairly stable even after yesterday's data

• Yesterday's revised data still aligns with FED projections

• Currently no signs of weakening in consumer spending

FED Harker - Philadelphia Fed President

• Almost similar to FED Collins

• Slow and steady cutting cycle, following the data is most important

• Will start next month if data continues to follow FED projections