The U.S. labor market can run stronger than previously thought without leading t...
FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks at the Commonwealth Club in San Francisco, U.S., October 11, 2019. REUTERS/Ann Saphir
- The U.S. labor market can run stronger than previously thought without leading to higher inflation, Dallas Federal Reserve Bank President Robert Kaplan said Tuesday, adding that interest rates in the United States should stay put in 2020. “The appropriate path of policy is to stay where we are,” and he has “penciled in” no changes to interest rates for 2020, Kaplan said Tuesday at an event hosted by the Council on Foreign Relations.
The domestic economy is expected to grow by about 2% next year and inflation pressures will remain muted despite the tight labor market, he said. Kaplan said he believes the U.S. labor market is “at or past full employment,” but pricing pressures are muted because businesses are not able to pass along higher prices to their customers.Reporting by Jonnelle Marte; Editing by Chizu Nomiyama
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