Speaking at an event in Australia today, Fed Governor Lisa Cook expressed optimism about the US economy’s prospects, noting that the data so far appears to be “consistent with a soft landing”. She highlighted that inflation has dropped significantly from its peak levels, and while the labor market has “cooled but remains strong”.
Cook also pointed out that the ratio of job vacancies to unemployment has returned to pre-pandemic levels, and fewer workers are voluntarily quitting their jobs, indicating less confidence in finding better employment opportunities. “My baseline forecast (and that of many outside observers) is that inflation will continue to move toward target over time, without much further rise in unemployment,” she said.
However, Cook underscored Fed’s attentiveness to changes in the unemployment rate, noting that the situation could shift rapidly and that Fed would be “responsive” to such changes.
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