Atlanta Fed President Raphael Bostic said consumers are “staying pretty rock solid” and labour market maybe a “bit beyond full employment. And currently monetary is already “accommodative”. He could have dissented the latest rate cut if had a vote on monetary policy.

Bostic added that “I do think that the economy today is on solid footing and is likely to remain so. I am fairly comfortable standing pat with policy and strongly favor weighing the incoming data, both macro and micro, over the coming months before deciding on any further adjustments.”

Negative impacts from the prolonged trade war with China remained modest. “Many businesses that we’ve talked to basically said we’re not going to pass that on, so we have not seen consumers face the tariffs,” he said. “When we do, that will be a new phase of the tariff war.”

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