Cleveland Mester, President of the Federal Reserve, recently discussed the economy during a question-and-answer session. She pointed out some signs of a slowdown but overall saw a rebalancing. She also mentioned that disinflation can occur even in a strong economic environment. In addition, Mester stated that she does not believe the neutral interest rate will be as low as it once was and expects slower employment growth and a slight increase in the unemployment rate while healthy labor markets should still exist. However, she acknowledged that the average family is still struggling with inflation, which is affecting consumer sentiment.

Mester also noted that the Fed is working to ensure banks are ready for the discount window and that commercial real estate risks for banks are manageable. As for the stock market, US stocks are lower but have recovered from their lows. The S&P index was down 51.17 points, or 0.98%, at 5192.39, with the 100-hour moving average at 5198.76. The Dow Industrial Average fell 463 points, or 1.17%, to 39,103.40, and the NASDAQ dropped 214 points to 16,182.

US yields are mixed and are down from their highs

By Samantha Johnson

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