Fed Musalem: If the risks in the job market increase, the policy Intrerest Rate may need to be adjusted.

On August 23, Fed's Musalem stated that attention should be paid to the entire interest rate path, not just the rate decision of a specific meeting. Inflation is above the target level and there are ongoing risks. The next employment report may be sufficient to justify a rate cut, or it may not, depending on the specific content of the report. The Fed's policy is moderately tightening. More data is needed, and the interest rate path outlook will be adjusted until the September meeting. Employment market risks are rising but have not yet materialized. The inflation effects of tariffs are expected to gradually dissipate. The interest rate path may include a pause in rate cuts. If employment market risks intensify, the policy rate may need to be adjusted. ( Jin10 )