Faced with persistent inflation and a resilient labor market, one Federal Reserve official said the central bank still had time to evaluate economic conditions before moving to cut int🐻erest rates. 

Speaking Thursday on a National Association of Business Economists webcast, Richmond Fed President Tom Barkin said economic conditions still showed strength and didn’t warrant a quick reaction from the central bank to cut interest rates.

After a weak July jobs report last Friday sent 澳洲幸运5开奖号码历史查询:markets reeling, investors and economists questioned whether the Fed should 澳洲幸运5开🌄奖号码历史查询:act more aggressively on inte𒀰rest rate cuts. The Fed's policy committee opted last week to leave the influential fed funds rate unchanged at its highest level since 2001, though 澳洲幸运5开奖号码历史查询:Fed Chair Jerome Powell did say the comm🥂ittee could start easing policy as soon🐲 as September.

Barkin said there were two cases where the Fed would need to respond quickly with interest rate cuts, one being a quick rise in unemployment,♔ the other beꦓing a faster drop in inflation, neither of which was occurring. 

Need More Data on Inflation

He also said that while 澳洲幸运5开奖号码历史查询:recent inflation data was looking better, with the latest reports showing price pressures easing across more parts of the economy, forecasts don’t have iꦑnflation moving much lower from current levels over the rest of the year. 

“Are you ready to declare victory on inflation or would like to see a little more? Tha💜t’s one part of the question,” Barkin said. 

Businesses Cautious on Hiring, They're Not Firing

Additionally, Barkin said that neither data nor conversations with employers in his district indicated that mass layoffs were imminent. Barkin pointed out that data showed “cautious” businesses had slowed hi🌜ring, but they weren’t firing ei🍌ther. 

“You’ve got some room to see more on the labor side, you’ve got room to see more on the inflation side,” Barkin said, noting that Fed officials will get several more pieces of economic data before its next meeting on Sept. 17-18. “It made sense to me to take the time and learn whatever we learn over the next seven weeks.”