Fed’s Daly
- Policy is in a good place, there is more work to do
- Encouraged we been able to bring inflation down with labor market solid
- We are on path to bring inflation down as gently as we can
- Fed is facing calibration exercise on policy
- Holding on too long with rates could create unforced error, her economy
- We are waiting and watching economy to fine-tune our decision-making
The next key economic release is the employment statistics on Friday. Recall non-farm payroll rose by 353,000 last month surprising the market in the process. The expectations are for a number around 190,000 on Friday.
The ADP national employment numbers came in at 140K earlier today less than the 150K estimate. The prior month was revised up a little higher at 111K versus 107K previously reported. Is the ADP too low, or are the BLS figures the outlier but there is some divergence of views.