Powell: "I don't feel the economy is overheating now… recent employment may have been overstated by about 60,000"

JH Kim

Summary

Powell said the U.S. economy does not feel overheated.
He said the recently reported increase in employment may have been overstated by about 60,000.
Markets are watching whether the potential downward revision of employment statistics and the direction of long-term interest rates will affect the Fed's rate path.

Jerome Powell, chair of the U.S. Federal Reserve (Fed), said the U.S. economy "does not feel overheated" and that the recently reported increase in employment may have been overstated by about 60,000 on a monthly basis. He also said, "the recent rise in long-term interest rates may reflect expectations of higher growth."

On the 10th (local time), according to economic breaking news channel Walter Bloomberg, Powell mentioned the reliability of labor indicators and growth prospects together, suggesting he will be cautious in his monetary policy decisions. Markets are watching how the potential downward revision of employment statistics and the direction of long-term interest rates will affect the Fed's future interest rate path.