The Fed's Dual Mandatory on the Labor Market

The labor market really holds the key to everything. It's also key in terms of consumption behavior. What's kept consumption afloat is confidence about the labor market services being stronger than goods. I think if we started to see more than just the cracks we're seeing in the labor market, if something happened more acutely over a condensed period of time,. The ripples into the parts of the economy that haven't yet suffered could happen a bit more quickly. That's the needle that the Fed is trying to thread. But it is a pretty narrow opening in the needle they're tried to thread.