No jobs report leaves Fed flying blind. Markets still expect rate cuts

CFTC Delays Commitments of Traders Reports Until US Govt Reopens

Fed's Logan: Tariffs have been contributing to inflation. FED'S LOGAN SEES BOTH UPSIDE AND DOWNSIDE RISKS TO HER INFLATION OUTLOOK Fed's Logan: If labor market were to slow more than anticipate, could see more disinflation than currently expect. Fed's Logan: The risks that tariff effects are more prolonged increase risk of rise in long-term inflation expectations. FED’S LOGAN: MONPOL LIKELY ‘JUST MODESTLY RESTRICTIVE’

Thank you, Dean Madan. I appreciate the opportunity to speak here at Drexel University and to visit Philadelphia, an area where I have spent much of my personal and professional life. I will not go on too much about the City of Brotherly Love other than to say I am considering jogging up the steps of the art museum before I catch my train home. It is an honor to take part in the inaugural Drexel Economic Forum and to meet some of the students, researchers, and business leaders who are here. It is an important time for these groups to hold this event because there is much to discuss about the quickly evolving economy. For my part, as a Federal Reserve policymaker, I am committed to achieving the dual mandate given to us by Congress of promoting maximum employment and stable prices. Delivering on these goals matters to communities, families, and businesses across the country, including right here in Philadelphia. To inform our discussion today, I will share with you my economic outlook and offer my current view of monetary policy before sharing with you some highlights from the Federal Reserve's newly revised monetary policy framework. After my remarks I look forward to answering a few questions. Fed's Jefferson: Trends across several data series suggest job market softening, could experience stress if not supported. Fed's Jefferson: Both sides of the mandate are under stress, with inflation above target and downside risks to employment increasing. Fed's Jefferson: Recent cut moved policy closer to neutral while maintaining a balanced approach.