Fed's Schmid: The labor market is under structural, not cyclical, strain

MIRAN: I EXPECT TO DISSENT THIS MONTH IF FED DOESN'T CUT RATES FED'S MIRAN: NEUTRAL IS LIKE 2.5% TO 2.75% - WE SHOULD GET THERE, THEN RE-EVALUATE ...

FED'S MIRAN: HESITANT TO READ TOO MUCH INTO 1 MONTH'S JOB REPORT CNBC Fed's Miran: The labor market could use more support from monetary policy. Fed's Miran: The Fed typically does not respond to oil prices. MIRAN: FED IS CHASING PHANTOM INFLATION, POLICY MISCALIBRATED FED'S MIRAN: IF ANYTHING IT BIASES ME TOWARD EVEN MORE DOVISH POLICY

Good afternoon. It is wonderful to be with you today, and an honor to be on the program with Governor Healey, Secretary Paley, Congressman Neal, and Mayor Sarno. It is really a pleasure to be with all of you attending this event, who are building the present and future economy in western Massachusetts. I’d also like to thank Diana Szynal and Dominick Ianno for the invitation to be here. Today I’d like to share, for context, a bit about the Federal Reserve; then discuss the economy, my outlook, and my views about appropriate monetary policy – and end with some perspectives regarding small businesses. I’ll share some numbers, because objective rigor is always important, and will also relate some of the qualitative themes I hear when meeting with people across New England.1 But first, as always, I’ll give my standard disclaimer. These comments reflect my own views, not necessarily those of my colleagues at the Board of Governors in Washington, D.C., or at the other Reserve Banks. In my job, it’s vital to complement good data with outreach to people on the front lines of the economy, in all kinds of places: rural, urban, and suburban; thriving and struggling. So, I spend time hearing about economic challenges and opportunities, as well as experiences with costs and prices, and the job market – reflecting the Fed’s Congressionally mandated goals, price stability and maximum employment. Eight times a year, I gather with other Fed officials as part of the Federal Open Market Committee, or FOMC, to deliberate on interest rate FED’S COLLINS: SEES NO URGENT NEED TO CHANGE MONETARY POLICY STANCE FED’S COLLINS: EXPECTS FED RATE TARGET TO HOLD STEADY ‘FOR SOME TIME’ Just in | Fed's Collins anticipates a gradual decline in inflation toward the 2% target.