Fed’s Goolsbee: Jobs numbers are weaker but it’s not looking yet like a recession

• We must be a little careful over-concluding about the jobs report

So far, his comments are focused on economic data, not the turmoil in markets.

• The Fed does need to be forward-looking in setting policy
• If you look at domestic purchases, the GDP was relatively stronger than we expected
• We’re going to get a lot of information between now and the next meeting
• The international component of this is a factor
• It’s the market to react and the Fed’s jobs to act, one of those has a lot more volatility than the other
• Asked about emergency cut, says he can only speak for himself
• Everything is always on the table
• We will respond to conditions
• If the economy deteriorates, we will fix it; the Fed will respond to conditions
• I’m not going to bind our hands going forward
• If jobs data is a longer-term sign, we should then respond to what those forces are
• We’ve very restrictive and you only want to be restrictive like that if you think the economy is over heating

This article was written by Adam Button at www.forexlive.com.