Like Rosengren and Harker, George said the U.S. economy was slowing but still appeared to be in good shape.
“When I look at where unemployment is and I look at where inflation is right now, I think we’re in a good place as long as the consumer can continue to pull the economy forward,” George said. “Obviously, we have some weaker segments in our economy, but to the extent that our forecast of growing at around 2% holds, then I think we’re okay.”
Financial markets have been volatile in recent weeks amid unfavorable news about economic weakness overseas and renewed trade tensions between the Trump administration and China. Data released Thursday showed U.S. factory orders in August contracted for the first time since September 2009.
“Markets see how the rest of the world is slowing. I think uncertainty never plays well in the markets,” George said. “So, I understand why you see fear and uncertainty right now. That isn’t the metric, though, that I feel we have to focus on. We have a clear mandate and, I think, a long-term view that we have to stay focused on.”
This article was provided by Bloomberg News.