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Fed's New Board Member: Not in a Hurry to Cut Rates, Sees Employment Risk as Higher than Inflation Risk
BlockBeats News, January 16th, Anna Paulson, the newly appointed President of the Philadelphia Fed and a 2026 FOMC voting member, stated in her first national media interview that there is currently no need to rush into rate cuts, and she explicitly expressed support for Fed Chair Powell's leadership and central bank independence.
Paulson noted that the current interest rate level is still slightly above the neutral range, which helps continue driving inflation back to the 2% target. She felt "satisfied" with the rate hold at the January meeting. She expects substantial progress on inflation throughout the year, but whether a rate cut later this year will depend on two factors: whether inflation continues to ease as expected and whether there is an unexpected deterioration in the labor market.
On the risk balance, Paulson believes that the downside risk to the labor market is "slightly higher than" the risk of sticky inflation. She pointed out that recent job growth has been highly concentrated in the healthcare and social assistance sectors, and the cooling of the labor market has exceeded expectations. Any signs of a shift from "slowing down" to "collapse" would be a significant warning signal.
Overall, Paulson is seen as a dovish member within the FOMC, but her stance emphasizes "patience and data dependence," prioritizing guarding against the risk of labor market disarray while ensuring a return to the inflation target.
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