Mester: The economy is more resilient than we all think it is

分组1 - The Federal Reserve has implemented a 25 basis point cut, indicating a data-dependent approach to monetary policy amidst economic uncertainties [1][2][3] - There is a notable dispersion of views among policymakers regarding the balance between inflation risks and labor market risks, with some favoring fewer cuts while others advocate for more [3][4][10] - The Fed is currently more focused on labor market conditions rather than solely on job creation, as indicated by discussions around the unemployment rate [5][6][9] 分组2 - The labor market is experiencing supply and demand issues, with estimates suggesting that a monthly payroll growth of 30,000 to 50,000 is needed to maintain a stable unemployment rate [7][8] - Despite a slight uptick in the unemployment rate, the overall economic resilience is better than expected, with Q3 GDP forecasted at 3.3% by the Atlanta Fed [12][15] - The impact of AI on the job market is a growing concern, as it may lead to job displacement, particularly in lower-income sectors, complicating the Fed's policy decisions [16][18][19]