Fed’s Bostic Says Job-Market Slowdown Wouldn’t Alter Latest FOMC Call

Atlanta Federal Reserve President Raphael Bostic said the latest US employment report was significant largely because of sizable data revisions, but he added that the figures would not have altered policymakers’ decision at this week’s Federal Open Market Committee meeting. Speaking in a CNBC interview, Bostic noted that the labour market is "slowing from strong levels" and that the risk on the jobs front is now coming into better balance with inflation concerns. He cautioned, however, that it is still unclear how much further hiring could weaken and stressed the need to determine the underlying trend. Bostic reiterated that, heading into the FOMC gathering, officials judged inflation to pose the larger risk to the economy. While the latest numbers show the job market remains healthy "in many ways," the cooling pace of employment growth will remain central to the Fed’s assessment of future policy moves.