According to a Bloomberg report, Bowman added that the U.S. version of the Basel III norms is currently being negotiated with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
During an interview on Fox Business’ “Mornings with Maria” on Monday, Bessent said that there had been “substantial communication” over the weekend between the U.S. and China.
According to a CNBC report, Bessent, along with two senior Treasury officials and two senior White House officials, will conduct another round of interviews with the five candidates over the coming weeks and months.
The minutes also showed that labor market weakness remained among the top concerns of the central bank, which noted that though the unemployment rate remained low, the pace of employment increases had slowed.
At the September FOMC meeting, when the central bank reduced the key rate by 25 basis points, Federal Reserve Governor Stephen Miran expressed dissent and voted for a larger 50-bps cut.
In an interview with CNBC, Goolsbee stated that he believes the U.S. economy can afford a “fair amount” of interest rate reduction from the current level, gradually over time.
The Boston Fed president stated that, with less scope for inflationary pressures from the labor market, the upside inflation risks are now more limited compared to a few months ago.
In an interview with Fox Business, Bessent stated that he aims to complete the first round of interviews for Fed Chair candidates by the first week of October.
If labor market conditions continue to deteriorate, Bowman expressed concern that interest rates would have to be adjusted at a faster pace and to a larger degree.
According to a Reuters report, the Chicago Fed combined government and private data to provide policymakers with faster-moving updates to the unemployment data.
