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The Economy in Perspective

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Color my world … The possibilities for monetary policy head games expanded with the June 2 release of new labor market statistics indicating that private-sector payroll employment declined by 116,000 in May. Combining this news with other recent data on housing markets and retail sales, financial market analysts have already begun to anticipate less monetary policy restraint from the Federal Reserve this year than they expected just after the Federal Open Market Committee’s May 16 meeting. If history offers any insight into market assessments, we should expect several twists and turns before the economy’s trajectory and the ultimate stance of monetary policy become clearer.

Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-06, pp. 01, 06.01.2000.

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