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Why Not Declare Victory?

Author

Listed:
  • Tom Barkin

Abstract

The FOMC cut the fed funds rate 50 basis points at our September meeting. This cut came largely because of the progress we’ve made on inflation. At times, in the past, the FOMC has made such a significant rate cut in response to a troubled economy. Happily, that is not the case today. I see our September decision as a recalibration to a somewhat less restrictive stance. Victory means different things to different people, and — while we have made real progress — there remains significant uncertainty on both inflation and employment. As we decide how fast to move and how far to go during this rate reduction cycle, we are just going to need to be attentive and learn as we go.

Suggested Citation

  • Tom Barkin, 2024. "Why Not Declare Victory?," Speech 101225, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:r00034:101225
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    File URL: https://www.richmondfed.org/press_room/speeches/thomas_i_barkin/2024/barkin_speech_20241002
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