Atlanta Fed's Lockhart says job losses must be 'evaluated' with retail gains |
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Mon, 10 Sep 2007 14:10
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WASHINGTON (Thomson Financial) - Atlanta Federal Reserve Bank President Dennis Lockhart said today that the report of payroll job losses in the US 'should be evaluated with recently positive reports in retail sales.''Im processing this information along with other timely information as I prepare for next weeks Federal Open Market Committee (FOMC) meeting,' Lockhart said, speaking to a breakfast sponsored by the Atlanta Business Chronicle. The Atlanta Fed made his text available to reporters.In contrast to Friday's report of payroll job losses, Lockhart pointed out that are adings from July show that consumer spending remained strong, and business investment during the second quarter picked up momentum.'Today's speech was largely the same as the economic outlook speech he presented last Thursday. In it, Lockhart said the US Federal Reserve's 'current challenge' is to balance 'timely action' against risks to the economy and financial stability with 'preservation of gains on the inflation front.' He said that 'markets must be allowed to work' with risks and rewards playing out 'to the extent possible without interference'.When the Fed has to interfere, it should not undermine its long-term, anti-inflation mission, according to Lockhart. Current inflation reports, he said, are present progress, not victory' and he 'would like to see inflation sustained at a somewhat lower rate -- with emphasis on 'sustained'.'dennis.more@thomson.comdem/wash/sljCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Fed member discusses housing slump 